Platinum climbs as tensions rise in South Africa

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Associated Press

Posted on May 13, 2014 at 1:02 PM

Updated Tuesday, May 13 at 1:02 PM

Prices for platinum and palladium are climbing following reports of rising tension in South Africa's mining region.

Platinum for July delivery rose $14.10, or 1 percent, to settle at $1,456 an ounce Tuesday. Palladium for June rose $8.55, or 1 percent, to $817.30 an ounce.

Three miners working in defiance of a mining strike were killed in separate incidents over recent days in South Africa's platinum belt. The attacks come as mining companies increase efforts to break the four-month strike. Lonmin has appealed to workers to return to work and reportedly plans to reopen mines Wednesday.

Other metals were mixed Tuesday. Gold for June delivery fell $1 to $1,294.80 an ounce.

In other trading, wheat lost 6 cents to settle at $7.09 a bushel.

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