Precious metals plummet

Gold fell under $800 (about R6300) an ounce for the first time since December, hitting a low of $772 on Friday. Platinum suffered even worse, plunging more than seven percent to under $1400 an ounce. The drop in precious metal prices was blamed on the dollar strengthening after five of the Group of Seven industrialised nations reported their economies contracted during the second quarter. - Robert Laing

Gold fell under $800 (about R6300) an ounce for the first time since December, hitting a low of $772 on Friday. Platinum suffered even worse, plunging more than seven percent to under $1400 an ounce. The drop in precious metal prices was blamed on the dollar strengthening after five of the Group of Seven industrialised nations reported their economies contracted during the second quarter. - Robert Laing

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