Peter Fertig News
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Gold declined in New York, extending a third weekly drop, as commodities fell and a stronger dollar curbed demand for bullion as an alternative investment.
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Copper rose in New York and London to the highest price in more than a week before a report that may show a stronger gauge of the economic outlook for the U.S., the world’s second-biggest consumer of the metal.
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Gold advanced to a three-month high and silver posted its biggest gain in eight weeks as investors bought precious metals as an alternative to a weakening dollar. Platinum and palladium also rose.
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Gold may gain for a second day in New York as a weaker dollar spurs demand for the metal as an alternative asset and as commodities rise.
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Palladium fell to a six-week low and platinum declined in London on concern slower growth will cut demand and as a stronger dollar eroded the metals’ appeal as an alternative investment.
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Gold fluctuated in London as a pause in the dollar’s slump curbed demand for the metal bought by some investors as a means of protecting wealth.
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Gold surged to a record $1,899.40 an ounce as mounting concern that the global economy is slowing amid debt crises spurred demand for bullion as a protection of wealth. Platinum rose to a three-year high.
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Gold may gain for a fifth day in New York as a weakening dollar increases demand for an alternative investment.
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Gold declined in London after a rally to a record and a rebounding dollar prompted some investors to sell bullion. Silver was little changed after reaching a 30-year high and palladium fell from a nine-year high.
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Gold is set to decline in London as the biggest gain in four weeks after Europe’s leaders agreed to address flaws in their bailout programs spurs some investors to sell the metal.
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