Gold futures score first gain in four sessions

Gold futures climbed back above $1,600 an ounce Wednesday to score the first gain in four sessions, as a drop in U.S. equities sent investors scrambling to the perceived safety of the precious metal.

South Africa and Russia are in talks to form an OPEC-style cartel to coordinate exports of platinum and palladium, according to a report by Bloomberg News. OPEC refers to the Organization of the Petroleum Exporting Countries, a group comprised of the world’s key oil producers that helps to maintain supply and demand balance in the oil market.
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