Gold price falls to 1-month low, Tokyo pulls back from record

Feb 12 2013, 09:10 IST
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Gold hit a trough around $1,642 an ounce, its lowest since early January. (Reuters) Gold hit a trough around $1,642 an ounce, its lowest since early January. (Reuters)
SummaryGold hit a trough around $1,642 an ounce, its lowest since early January.

to spot London prices.

Platinum and palladium were below their highest level in more than a year.

But both metals have out performed gold and silver so far this year on an improving economic outlook and after mining disruptions in South Africa, as well as a drop in supply from Russia, triggered fears of a deficit.

"Because of the Chinese New Year we expect cautious industrial demand for the upcoming week. Generally, we expect the price of platinum to be well supported by the situation in South Africa," precious metals refiner Heraeus said in a report.

But it remains to be seen whether palladium can establish itself above the key level of $775.00 an ounce, or if investors will take profits around that point, it said.

Precious metals prices 0242 GMT

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