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Friday, Dec 28, 2012 9:30 PM UTC

Metals, oil follow stocks down as cliff approaches

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Topics: From the Wires,

Metals and oil prices turned lower on Friday, following stocks downward as investors waited to see if lawmakers will hammer out a resolution to the “fiscal cliff.”

Silver, palladium and platinum fell the most, despite scattered hints that housing and manufacturing might be picking up. That’s another sign that the “fiscal cliff” is yanking markets around more than anything else this week.

Gold for February delivery lost $7.80 to close at $1,655.90 per ounce. March silver lost 26.5 cents, almost 1 percent, to $29.975 per ounce.

March copper slipped 1.15 cents to $3.5895 per pound. March palladium fell $8.20, more than 1 percent, to $700.30 per ounce. April platinum fell $14.40, almost 1 percent, to $1,521.60 per ounce.

U.S. stocks closed lower for the fifth day in a row, and stocks across Europe also closed lower.

Investors are anxious to see if Republicans and Democrats can hammer out a budget agreement before Monday night. If not, the U.S. will go over the so-called fiscal cliff, meaning big tax increases and cuts to government spending will start to kick in on Tuesday.

Most energy commodities also fell. In New York, benchmark crude fell 7 cents to $90.80 per barrel. Brent crude fell 18 cents to $109.83 per barrel.

Gasoline fell 2.14 cents to $2.7999 a gallon. Heating oil fell 2.75 cents to $3.0448 a gallon. The exception was natural gas, which rose 5.7 cents to $3.4690 per 1,000 cubic feet.

Prices for key agricultural commodities ended higher for March contracts. Wheat rose 6.5 cents to $7.7875 per bushel. Corn rose 2.5 cents to $6.94 per bushel. Soybeans rose 4 cents to $14.18 per bushel.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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