Gold ends lower as dollar recovers, oil tumbles

Fri Aug 22, 2008 4:08pm EDT
 
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European traders also reported that producers were struggling to keep up with demand for some finished products.

Among other precious metals, silver closed lower at $13.33/13.37 an ounce from its Thursday U.S. finish of $13.80/13.87 an ounce.

Spot platinum ended lower at $1,428.50/1,448.50 an ounce from $1,449.50/1,469.50 an ounce late in New York, having hit a one-week high of $1,472.50 earlier on Friday.

Its sister metal palladium inched down to $283.50/291.50 an ounce from its previous finish of $286.00/294.00 an ounce.

Both the platinum group metals are recovering after suffering a major sell-off in the wake of a spate of bad financial reports from carmakers, who consume around half of the world's platinum each year.

"Platinum has had a disastrous July and early August as fears over a collapse in global car sales ... completely overshadowed the few reminders of the metal's precarious supply situation," said Fortis Bank in a monthly report.

(Editing by Jim Marshall)

 
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