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US gold futures ended 1.3 percent lower on Friday as signs of stability in financial markets lessened bullion's safe-haven appeal, but gold's long-term trend remained bullish, analysts said.
GOLD: August settles down $12.70, or 1.3 percent, at $958 an ounce on the COMEX division of New York Mercantile Exchange. Ranged from $965.00 to $950.20, which marked a one-week bottom. Profit-taking sent bullion lower as investors who had recently acquired too much gold too soon were divesting - FC Stone Broker George Nickas.
Gold had seen a healthy correction and its recent pullback was largely due to wild gyration of crude oil prices - Nickas. Gold's status as a safe haven dented as Citigroup, the biggest US bank by assets, posted better-than-expected quarterly results. US stocks, however, edged down in morning trade. Dow up 12 points at 2:34 pm EDT (1834 GMT). Spot gold at $955.45/957.05 at 2:15 pm, compared with $962.10/963.10 late Thursday. London's afternoon gold fix $959.75.
SILVER: September ends down 53.5 cents, or 2.9 percent, at $18.200 an ounce. Ranged from $18.170 to $18.690. Estimated 1 pm volume at 26,663 lots. Spot silver at $18.12/18.20, compared with $18.39/18.48 late Thursday. London silver fix $18.55.
PLATINUM: October closes down $45.10, or 2.4 percent, at $1,855.30 an ounce. Platinum dragged down by a lack of investment interest - analysts. Spot platinum at $1, 846.50/1, 866.50.
PALLADIUM: September finishes down $9.75, or 2.3 percent, at $416.60 an ounce, following platinum's weakness. Spot palladium at $411.50 /419.50.

Copyright Reuters, 2008

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