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Commodities in Downtrend at Start of Tuesday

November 4, 2014 at 3:17 by Vladimir Vyun

Gold and silver dropped today as the US dollar continued to rally, hurting prices for precious metals. With positive economic data from the United States and prospects for early monetary tightening from the Federal Reserve, the greenback is much more attractive investment for traders seeking safety than metals. December contract for delivery of gold dropped 0.33 percent to $1,165.90 per troy ounce as of 2:58 GMT on COMEX today, trading near the lowest level since 2010. Silver sank as much as 1.21 percent to $16.01 per ounce.

Crude oil dropped today as Saudi Arabia cut prices for exports to the USA. Additionally, analysts estimated ahead of the official report, which will be released on Wednesday, that US stockpiles continued to growth. Futures for delivery if WTI crude oil fell 0.55 percent to $78.35 per barrel on NYMEX today. Brent crude lost 0.53 percent to $84.33 per barrel on ICE.

Corn and soybeans also demonstrated losses today as dry weather in the United States is expected to help farmers accelerate harvest. With more grain coming to markets and prospects for record yield, traders felt no need to pay much for the agricultural commodities. Corn dropped 0.74 percent to $3.7075 per bushel on CBoT today. Soybeans declined 0.58 percent to $10.2375 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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