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Gold fails to catch updraft

Nov. 28, 2012 at 7:12 PM

NEW YORK, Nov. 28 (UPI) -- Gold prices dropped $22.70 on the Comex division of the New York Mercantile Exchange Wednesday as a late rally left metals behind.

The rally was sparked by an article in The Wall Street Journal that said the U.S. Federal Reserve was likely to continue bond buying in 2013.

That would be a sure sign for gold traders to buy, because bond buying would lower the value of the dollar, which pushes gold prices higher.

But equities bounced and metals failed to respond.

Gold ended the session down 1.5 percent at $1,721.60 per troy ounce. Silver lost 32 cents to close at $33.79.

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