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Gold Drops on Rising Dollar; Soybeans Fall

December 8, 2009 at 22:28 by Vladimir Vyun

Gold tumbled, erasing previous gains, as the strengthening dollar cut demand for precious metals as an inflation hedge. The dollar rose 0.9 percent, reaching highest level in a month versus the euro. February futures for gold delivery slid $20.60 (1.8 percent) to $1,143.40 per ounce on the Comex division of New York Mercantile Exchange.

Soybeans dropped on outlook that China, the greatest consumer of soybeans and vegetable oil, may shift to supplies from South America. Production of soybeans in Brazil and Argentina may reach a record 116 million tons in 2010, pushing demand for U.S. crop down. January futures for soybean delivery fell $0.075 (0.7 percent) to $10.455 per bushel by 10:31 on CBT.

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