Scott Gardner News
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Gold futures rose for the fifth time in six sessions as a decline by the dollar boosted demand for the precious metal as an alternative investment
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Platinum rose for a second straight day, widening its premium to gold to a 17-month high, on concern supply may fall after Zimbabwe seized land from the nation’s top miner of the metal. Gold retreated.
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Commodities fell to a two-week low on mounting concern that the European debt crisis will spread after Moody’s Investors Service said it will review ratings for countries in the region.
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Gold futures closed at the highest price in four weeks as a weaker dollar bolstered demand for commodities. Silver, platinum and palladium also surged.
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Gold gained for the second time in three sessions amid speculation that the U.S. may continue with stimulus measures, increasing demand for the precious metal as a store of value. Platinum rose to the highest in 12 weeks.
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Gold fell for a fourth day, heading for the first quarterly loss in more than three years, after the Federal Reserve failed to announce more stimulus measures.
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Copper prices rose, heading for a record weekly rally, after European leaders agreed to expand a bailout fund to ease the region’s sovereign-debt crisis. Nickel, lead and zinc climbed.
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Gold rose to a two-month high after Federal Reserve Chairman Ben S. Bernanke said he sees signs the U.S. economy is improving, boosting prospects for commodity demand.
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Gold futures advanced to a one-month high, extending the longest rally since August, as delays in resolving Europe’s debt crisis spurred demand for the precious metal as a protection of wealth.
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Commodities capped their biggest gain in a week as industrial metals and energy rebounded on speculation that European leaders are moving closer to a deal to contain the region’s debt crisis.
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