Platinum Drops From 17-Week High as European Concern Resurfaces
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Platinum fell from the highest level in almost four months and palladium declined on renewed concern that Europe’s debt crisis may curb the global economic recovery. Gold advanced for a third day.
Platinum for immediate delivery fell as much as 0.5 percent to $1,689.25 an ounce and was at $1,694.12 by 2:39 p.m. in Singapore. The price reached $1,707.87 yesterday, the highest since Oct. 9, on expectations that demand will pick up even as supply drops on production cutbacks. Spot gold rose 0.2 percent to $1,676.32 an ounce.