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Silver Falls as Gold & Palladium Rally, Platinum at 17-Week High

February 4, 2013 at 20:46 by Vladimir Vyun

Platinum rallied to the highest level in 17 weeks today as supply from Anglo American Platinum Ltd. decreased. Gold and palladium also advanced, while silver fell.

Anglo American, the biggest platinum producer in the world, reported that output of the metal declined 8.8 percent, resulting in a loss in 2012. Production waned amid rising costs and labor unrest in South Africa.

Analysts believe that fundamentals are supportive for platinum as buyers will hoard the metal on supply concerns. Platinum was rising recently as continuous strikes in South Africa led to fears about shortage of the metal.

Spot price for platinum advanced $12.55 (0.74 percent) to $1,696.25 per troy ounce and $1.05 (0.14 percent) to $757.10 per ounce as of 20:40 GMT on COMEX today. April contract for gold went up $5 (0.3 percent) to $1,675.60 per ounce, while March silver declined $0.22 (0.68 percent) to $31.74 per ounce.

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