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Cotton Continues Longest Slide Since 2008, Gold Advances

February 1, 2010 at 22:06 by Vladimir Vyun

Cotton prices tumbled, continuing the longest decline since September 2008, on investor concerns that harsh banking regulations may curb commodity trading. Traders limit their purchases and sales until rules will be clear to minimize risk of money loss. March futures for cotton delivery waned $0.0048 (0.7 percent) to $0.6855 per pound as of 11:23 on ICE.

Gold gained on speculation that the dollar’s advance will slow, increasing appeal of the precious metal as an inflation hedge. The U.S. currency slid as much as 0.5 percent versus the euro. A rising deficit in the U.S. forces investors to buy hard assets like gold and oil. April futures for gold delivery added $15.40 (1.4 percent) to $1,099.10 per ounce by 11:27 on the New York Mercantile Exchange’s Comex unit.

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