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Gold Leads Metals Decline

November 22, 1986|From Associated Press

Precious metals futures prices went into a steep decline Friday, led by what analysts said was the technical weakness of gold.

Platinum futures plunged the limit allowed for daily trading before recouping some of the loss.

In some other markets, grains and soybeans were mostly lower, cattle futures were mostly lower and pork was mostly higher.

Gold plunged through the important technical support level of $380 an ounce for December delivery and touched $376.50 before gaining back a couple of dollars, said Bette Raptopoulos, an analyst in New York with Prudential-Bache Securities. It was gold's lowest level since late August.

The weakness of gold knocked out any support for platinum, which, because of its thinner trading, declined the $25-an-ounce limit for daily trading before coming back some.

January platinum broke though the $460 support level and touched $456.50 before settling at $464.10.

The strength in the dollar also undermined metals prices, Raptopoulos said.

Grain and soybean futures prices were mostly lower, with wheat losing 4 cents a bushel on the Chicago Board of Trade.

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