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Gold prices rise to highest level in three months

February 14, 2014

Al-Masry Al-Youm



Prices of gold went up by 0.5 percent on Thursday, the highest level in three months, following disappointing information about US retail sales that brought the dollar down, which helped increase the glamor of the precious metal as a hedge against currency fluctuations. The dollar fell 0.4 percent from an unexpected decline in US retail sales last January and a high rate of Americans filing applications for unemployment benefits last week, which is a sign of a slowing economic growth. The price of gold approached US$1,300 an ounce, a level not seen since early November 2013, although the trading volume was weak. The price for instant transactions rose to $1,299.50 an ounce, the highest level since 8 November. Prices of the US gold of February deferred purchases went up by $3.50 to $1,298.50 an ounce. Silver prices also went up by 0.4 percent to $20.35 an ounce, platinum prices rose by $10 to $1,410.25 an ounce, while palladium prices rose by US$5 to $729.00 an ounce.  Edited translation from Al-Masry Al-Youm 


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Source: Egypt Independent


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