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Precious Metals Slip Alongside Euro

Precious Metals Slip Alongside Euro

The precious metals have lost their footing, with palladium hitting a one-week low at $652.25/oz in a risk-averse session, likely tracking the euro which is sliding further against the US dollar heading into the European afternoon. An investor flight to safety has sent stocks lower and metals are tracking the recoiling risk-related markets, triggered by renewed concerns over the unresolved US “fiscal cliff” issue. Investors are turning to the US dollar, depressing the appeal of dollar-denominated metals to potential buyers bearing other currencies. Spot gold down 0.4% at $1,734.70/oz; palladium now down 1.5% at $655/oz.



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