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Commodities Friday, Nov. 28, 1986 : Precious Metals Advance

November 29, 1986|From Associated Press

Precious metals futures prices advanced sharply Friday, responding to a large purchase of gold overseas.

Gold gained more than $7 an ounce, and silver was up by about 12 cents on the Commodity Exchange in New York.

In other markets, pork futures posted strong gains and cattle also rose; wheat and soybeans were higher while corn was mixed.

Gold futures rallied on word of a sharp rise in prices overseas with the reported single purchase in Zurich of 2 tons of the metal, said Bette Raptopoulos, an analyst in New York with Prudential-Bache Securities.

The buyer was unknown, she said, but believed to be from either the Middle East or Far East.

"If the Far East," Raptopoulos said, "this suggests Japan, which may be buying more gold to implement its coinage program."

Japan had bought enough gold for its Emperor Hirohito commemorative coin but has discussed the possibility of minting more because of its popularity, she said.

A weakened dollar, pushed down by political turmoil in Washington involving arm sales to Iran, also helped attract investors to gold, she said.

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