Commodity Blog

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Gold Fails to Rally, Wheat Bounces

June 4, 2014 at 21:58 by Vladimir Vyun

Gold attempted to rally today on poor economic data from around the world but failed as stocks rallied to new highs. The Standard & Poor’s 500 Index was up 0.1 percent after touching the all-time high intraday. Previously, the precious metal was able to carve out gains as shares dropped. August futures for delivery of gold slipped $0.3 (0.22 percent) to $1,244.2 per troy ounce as of 21:47 GMT on COMEX today.

Meanwhile, wheat futures managed to pause their slump as specialists say that recent rains failed to improve conditions for crops. Previously, prices were falling on speculations that favorable weather would boost output. Planting in the United States still progresses, according to the data released by the US Department of Agriculture, and this means that the grain may yet resume its decline. July futures for delivery of wheat rose $0.0200 (0.33 percent) to $6.1450 per bushel on CBoT today.

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