Gold Below $700, Silver Less Than $9.00, Platinum under $800, as Dollar Strength Continues

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"Gold is following the dollar and oil," Wolfgang Wrzesniok-Rossbach, head of sales at precious metals trading house Heraeus, said. "The physical demand we are seeing is not enough to stem the tide here."

Gold fell nearly 5 percent in Europe on Friday as a surge in the U.S. dollar curbed interest in the precious metal as a currency hedge, and oil prices fell more than $2 a barrel.

Platinum and silver tumbled 5 percent and 8 percent in gold's wake to touch multi-year lows.

Spot gold fell to $684.90 an ounce, a new 13-month low, before recovering to trade at $686.20/688.20 at 0923 GMT. It was quoted at $720.00 in New York late on Thursday.

"Gold is following the dollar and oil," Wolfgang Wrzesniok-Rossbach, head of sales at precious metals trading house Heraeus, said. "The physical demand we are seeing is not enough to stem the tide here."

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