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Gold, Corn & Soybeans Gain on Rising Demand

July 30, 2010 at 18:46 by Vladimir Vyun

Gold gained today on speculation that low prices would encourage investors to buy the precious metal. Most analysts say that the decline of prices is temporary and may end soon. It can be considered a good buying opportunity for long-term investors. December futures for gold delivery advanced $6.10 (0.5 percent) to $1,177.30 per ounce on COMEX.

Corn and soybean prices went up today as demand for supplies from the US grew after drought and high temperatures harmed crops from Germany to Russia. Grain output in Germany estimated to drop as much as 11 percent, from 49.6 million metric tons in 2009 to 44 million this year. Drought hurt crops across at least 10.3 million hectares (25.5 million acres) in Russia, causing the government to declare emergencies in 27 crop-producing regions. December futures for corn delivery went up $0.0775 (2 percent) to $4.015 per bushel on CBoT. November futures for soybean delivery rose $0.1175 (1.2 percent) to $9.9975 per bushel as of 10:32.

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

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