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Gold rises on tensions over East China Sea

November 29, 2013

NEW YORK (AP) — Gold is logging its biggest gain in two weeks as tensions rise between China and Japan.

China launched two fighter planes Friday to investigate flights by U.S. and Japanese reconnaissance and military planes in its new maritime air defense zone over the East China Sea, state media said. Neighboring countries and the U.S. have said they won’t honor the zone.

Despite slumping this year, gold is still regarded as a haven for investors.

Gold for February delivery rose $12.50, or 1 percent, to $1,250.40 an ounce.

Other metals, including silver also advanced.

In agricultural trading, wheat and soybeans gained, while corn edged lower.

In energy trading, the price of oil rose. Crude has slumped as the U.S. government has reported increasing supplies.

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