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Decline of Gold; Copper Gained

August 24, 2009 at 21:39 by Vladimir Vyun

Gold falls as the dollar gains, diminishing the metal’s attractiveness as a hedge against inflation. Considerable inconstancy in gold prices is driven by dollar as currency markets undecided between a dollar decline and a dollar rebound. Physical demand stays low. December futures for gold delivery dropped $2.10 (0.2 percent) to $952.60 per ounce by 11:51 on the Comex division of the New York Mercantile Exchange.

Copper gained to a one-week high because of expectations of a global economic recovery. Copper prices have doubled this year because of speculation that an economic recovery will increase demand for the metal used in cars, homes and appliances. Refined copper import in China, the world’s biggest metal user, doubled in the first half of this year, but shipments slid 23 percent in July. December futures for copper delivery rose $0.0335 (1.2 percent) to $2.9276 per pound as of 12:04 NYMEX.

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