Gold edges higher a day after a steep drop; Oil up

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Associated Press

Posted on December 20, 2013 at 4:02 PM

NEW YORK (AP) — Gold is edging higher a day after plunging below $1,200 an ounce for the first time in three years.

The actively traded February contract rose $10.10, or 0.8 percent, to $1,203.70 an ounce Friday.

Gold had dropped $41 the day before after the Federal Reserve said it would scale back its massive bond-buying program next month. The Fed's stimulus had driven many investors to bid up gold prices out of fear that it would cause inflation.

Silver for March delivery rose 26.7 cents, or 1.4 percent, to $19.453 an ounce.

Copper, platinum and palladium also rose.

Benchmark U.S. oil rose 28 cents to close at $99.32 a barrel. Oil rose 3 percent over the course of the week following several positive signs on the U.S. economy.

Crop prices rose.

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