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Precious Metals Show Mixed Performance During Thanksgiving

November 22, 2012 at 21:55 by Vladimir Vyun

Gold was little changed today even amid signs of increasing demand from central bank. The trading was thin due to the Thanksgiving holiday in the United States. Silver was also flat, while platinum dropped and palladium advanced.

The International Monetary Fund reported that central banks of Russia, Turkey and Kazakhstan increased their gold reserves last month. Brazilian stockpiles swelled to the highest level in more than 11 years.

Hopes that Greece will get its bailout at last weakened the dollar, supporting precious metals. Today’s European Union summit did not clear the situation with the indebted country and now traders wait for the next meeting of European finance ministers on November 26.

Gold traded at $1,729.51 per troy ounce and silver was at about $33.24 per ounce as of 21:46 GMT on COMEX today. Platinum fell from $1,582.75 to $1580.75 per ounce and palladium was up from $645.70 to $653.90 per ounce.

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