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Commodities Rally on Growing US Nonfarm Payrolls

March 10, 2012 at 2:01 by Vladimir Vyun

Commodities, including gold, crude oil and copper, advanced after US nonfarm payrolls increased more than was predicted. US employers added 227,000 jobs, compared to the median forecast of 209,000. Unemployment rate was steady at 8.3 percent.

Gold also rallied as investors are hoarding the metal as a hedge against potential escalation of the European crisis. Analysts say that investors are holding the equivalent of at $131 billion in 2,407 metric tons of gold bullion.

Gold advanced from $1,700.10 to close at $1,713.70 per ounce on COMEX after falling to $1,677.00. April for delivery of crude oil rose $0.82 to $107.40 per barrel on NYMEX, while Brent went up from $125.45 to $126.12 per barrel on ICE. Copper climbed from $3.7850 to $3.8450 per pound in New York.

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