Lachlan Shaw News
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Gold headed for a second weekly advance, the best showing since March, as optimism that global stimulus will be sustained countered a reduction in bullion- backed exchange-traded products.
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Gold gained for a second day after exchange-traded product holdings climbed to a record and speculation that European leaders are making progress in containing the debt crisis boosted the euro and equities. Palladium rallied to the highest level in more than two months.
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Silver futures fell, capping the biggest weekly plunge since at least 1975, on mounting sales by investors following increases in Comex margin requirements. Gold rebounded, halting a three-day slide.
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Gold climbed for a second day before a Federal Reserve policy meeting that may introduce more stimulus to boost the world’s largest economy. Platinum is poised for the longest rally in more than a year.
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Copper recovered from its lowest level since December and gold gained. Oil dropped, falling for a fifth day, and silver futures headed for their worst week since 1975.
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Copper climbed to trade near its highest price in almost 27 months as U.S. employment data added to signs the Federal Reserve may expand credit-easing measures to spur growth, weakening the dollar and boosting demand for alternative assets. Tin and nickel also advanced.
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Iron ore prices may advance as much as 7.4 percent by the end of this year on speculation that further easing of curbs on lending in China, the biggest buyer, will boost demand, according to Commonwealth Bank of Australia.
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Copper climbed to a two-month high, set for its first monthly gain in four, after Greece passed austerity measures needed to secure financial aid, easing concern of a default that may destabilize the banking system.
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Gold fell after rebounding in New York from its worst two-day drop since 2008. Global equities tumbled in Europe and the U.S., prompting demand for a haven.
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Gold headed for its worst weekly performance in more than four months as investors sold the metal alongside global equities and other commodities on concern the world economy will falter.
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