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Gold Recovers Slightly After a Steep Drop

By Associated Press - Apr 16, 2013 at 2:51PM

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Gold climbed 1.9 percent Tuesday, a day after plunging $140 an ounce, or 9 percent, as concerns about a slower world economy spurred a widespread sell-off in commodities and stocks.

NEW YORK (AP) -- The price of gold is gaining back some ground a day after its biggest drop in 30 years.

Gold climbed 1.9 percent Tuesday, a day after plunging $140 an ounce, or 9 percent, as concerns about a slower world economy spurred a widespread sell-off in commodities and stocks.

Gold gained $26.30 to settle at $1,387.40 an ounce.

Traders buying gold Tuesday were getting the precious metal at its lowest price since February 2011.

Silver increased 26.7 cents, 1.1 percent, to $23.628 an ounce.

Industrial metals also recovered some of their losses. Platinum gained $25.80 to $1,450.60 an ounce, an increase of 1.8 percent. Palladium climbed $11.20 to $678.20 an ounce, a 1.7 percent rise.

Copper rose 3.25 cents to $3.3055 a pound.

Agricultural futures also moved higher.

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