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Gold hit by dollar, platinum at near-3 year low

Posted on 03 October 2008

From Reuters: Gold bounced on Friday but held within sight of a two-week low as the U.S. dollar hovered near a one-year peak against other currencies, while platinum was at its weakest in almost three years on demand fears.

Platinum, mainly used in autocatalysts to clean exhaust pipes, has lost more than 50 percent in value since spiking to a lifetime high at $2,290 an ounce in March, on profit taking and recently on poor car sales and a slowing U.S. economy. Platinum was also hit by falling gold prices after the dollar gained on hopes the U.S. Congress would pass a $700 billion bailout plan. In theory, a rising dollar reduces gold’s appeal as an alternative investment to currencies, stocks and bonds….. Full Article: Source


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