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Gold dips; risk appetite supports market

Gold futures dipped on Wednesday as weaker equities prompted funds to consolidate recent profits, but the market drew support from a renewed appetite for risk among investors. Platinum and palladium, boosted this week by strong July car sales, rose on supply worries because of a possible strike at the power utility in top platinum producer South Africa. Renewed interest from investment funds buoyed commodities and equities alike, as investors focused on economic recovery rather than deflation which had decreased inflation-hedge buying in Gold earlier this year. US December gold futures settled down US$3.40 at US$966.30 oz on the COMEX division of the New York Mercantile Exchange. Spot Gold dipped to US$966.20 an ounce at 3:30 p.m. EDT from US$966.75 oz  late in New York on Tuesday.