Gold prices fall after smooth Italian bond auction

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Associated Press

Posted on February 27, 2013 at 4:00 PM

Updated Wednesday, Feb 27 at 4:00 PM

Metal prices are lower after some investors decided that Italy's gridlock-inducing election might not be so worrisome after all.

On Wednesday gold for April delivery fell $19.80, or 1.2 percent, to $1,595.70 per ounce. Silver, palladium and platinum were all down 1 percent or more.

Oil prices were lackluster. Benchmark oil rose 13 cents to $92.76 a barrel on the New York Mercantile Exchange. The government reported that crude inventories increased less than expected.

Most agricultural commodities were flat.

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