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Gold Climbs as Dollar Falls, Cocoa Advances

January 24, 2014 at 1:26 by Vladimir Vyun

Gold jumped as macroeconomic data from the United States hurt the dollar. The reports were not exactly bad, just worse than was expected, but it was enough to send the greenback down. The outlook for demand for the precious metal in Asia also supported prices. April futures for delivery of gold advanced 1.6 percent to $1,258.20 per troy ounce on COMEX yesterday and traded at $1,261.40 today.

Cocoa prices demonstrated a biggest jump in more than a year today on concerns that global inventories will fall as demand rises. According to Bloomberg, the International Cocoa Organization estimated that stockpiles have fallen by 17 percent last year. It is expected that the shortage will persist this season and the next. March futures for delivery of cocoa surged $94 (3.49 percent) to $2,791 per metric ton on ICE today.

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

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