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Gold, platinum fall on dollar surge

January 20, 2009
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Commodity Online
SINGAPORE : Gold prices fell marginally in early Asian trade Tuesday mainly on dollar’s surge amid oil’s decline.

At 10.00 a.m Singapore time, spot gold fell as much as 0.7 percent to $829.80 an ounce, and traded at $831.83. Gold for February delivery was down 0.4 percent at $831.50 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.

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Among other precious metals for immediate delivery, silver was 0.7 percent lower at $11.10 an ounce, platinum slipped 0.4 percent to $947.50 an ounce, and palladium fell 0.3 percent to $183.50 an ounce.

Oil fell below $35 a barrel in New York on speculation faltering global economic growth will drive down fuel consumption for a second year.

Crude for February delivery traded at $34.70 a barrel, down 5 percent from Friday's close, in after-hours trading on the New York Mercantile Exchange.

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