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11/9, 8:53 AM (Source: TeleTrader.com)
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Gold, silver trade in red as Fed update boosts dollar

Spot prices of precious metals were mostly lower on Friday, defying a drop in stocks in the Asia-Pacific. The status of safe haven assets was pushed to the side, leaving it to benchmark bonds issued by the governments of Germany and the United States, upon a moderate advance of the dollar against major peers. Its appreciation makes commodities more expensive for holders of other currencies, normally hampering demand.

Gold was down 0.36% at 8:50 am CET, selling for $1,219.4 per ounce. Silver declined 0.5% to $14.37 and platinum lost 0.42% to $859.94 for one troy ounce.

Palladium diverged and added 0.15% to change hands for $1,218.26, following speculation in the media that Germany prepared funds to back a joint venture for battery cells for electric cars. The government apparently has the intention to finance research as well. Palladium is used in catalytic converters in gasoline-powered cars. It has enjoyed a buying spree since authorities in the country and other European states started a campaign against diesel engines, while gasoline can still be used in hybrid powertrains.

Breaking the News / IT