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3/1, 3:49 PM (Source: TeleTrader)
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Gold moves lower as traders favor stocks

A recovery in risk appetite on Friday weighed on market valuations of most precious metals. Respondents in a private survey revealed China's factories almost stopped the decline in output in February. The most widely watched core inflation reading in the United States stayed at a solid 1.9% for December, easing fears prices would get out of control as the Federal Reserve halted interest rate increases. Stocks on Wall Street jumped and gold, the most conventional shield from inflation, dipped to as low as $1,304.33 per ounce,

The yellow metal traded 0.35% down at $1,308.18 at 3:49 pm CET, threatening to slip under the psychological threshold of $1,300, which it breached on January 28 for the first time since June. US sovereign bonds fell.

Silver dipped 0.99% to $15.45 per ounce. Platinum was only 0.14% down at $869.43, but palladium turned higher. It changed hands 0.64% in positive territory for the day at $1,556.14 for one troy ounce, near a record high.

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