Precious metals fall sharply on technical selling

LONDON - Key precious metals tumbled in late European trade on Friday as a firmer dollar and technical indicators triggered heavy selling in the market, dealers said.

By (Reuters)

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Published: Fri 8 Sep 2006, 9:27 PM

Last updated: Sat 4 Apr 2015, 4:19 PM

Spot gold XAU fell nearly two percent to a six-week low of $606.20 an ounce and was at $608.20/609.20 by 1315 GMT, against $617.50/618.50 in New York late on Thursday.

Silver XAG followed gold and fell five percent to $11.94 an ounce, the lowest since Aug. 29. It was last quoted at 12.04/12.11 an ounce, compared with $12.56/12.63 in the US market.

Palladium XPD fell six percent to $320/325 an ounce from $341/346, while platinum XPD was down at $1,230/1,235 an ounce from $1,250/1,255.

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