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Platinum down 3 pct on demand worry,poor auto sales

Posted on 29 October 2008

From Ninemsn.com.au: Platinum dropped more than 3 percent on Wednesday on fears of falling demand for autocatalysts after automakers cut sales due to a weakening U.S. economy.

By 0055 GMT, platinum was trading at $781 an ounce, down $28 from New York’s notional close on Tuesday — well below a record high of $2,290 struck in March.Auto retailers swung to quarterly losses in the third quarter, hit by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy as well as hurricane-related damages. …. Full Article: Source


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