Gold slipped 2 per cent on Wednesday as the dollar gained and US stocks advanced, while investors kept a close eye on China’s efforts to support its economy.
Gold’s losses, combined with sliding copper prices, also hurt sentiment in the more industrial precious metals. Silver fell 5.2 per cent to $13.93 per ounce, its lowest since August 2009. Palladium, mainly used in emissions control systems for cars, trucks and other vehicles, fell 3.4 per cent to a five-year low of $518.00 per ounc.
Wall Street advanced, while European shares and commodities fell as investors balanced strong US economic data and policy comments with fears about China’s slowing economy.
Spot gold fell as much as 2 per cent to a one-week low of $1,117.35 an ounce, but was down 1.2 per cent at $1,126.66 by 3:03 p.m. EDT (1903 GMT). It was its third straight decline from last week’s seven-week high.
US gold for December delivery settled down 1.2 per cent, at $1,124.60 an ounce.
Platinum was the only precious metal trading in positive territory, having turned up 0.3 per cent at $978 an ounce.
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