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Gold Falls & Oil Drops on US Payrolls, Sugar Jumps

June 4, 2011 at 2:39 by Vladimir Vyun

Gold climbed, while crude oil slid, as the US labor market was in bad condition last month. The US nonfarm payrolls showed the increase by 54,000 in May, compared to the forecast 161,000. The unemployment rate increased to 9.1 percent from 9.0 percent. The US stockpiles of crude increased by 2.9 million last week. August futures for delivery of gold went up $9.70 (0.6 percent) to $1,542.40 per ounce as of 13:38 on COMEX. July contract for crude oil delivery slipped $0.18 t$100.22 per barrel on NYMEX.

Sugar jumped to the highest level in seven weeks on speculation that supply from Brazil may decrease. Unica, Brazil’s sugarcane industry association, said that the production fell 17 percent in the first half of May from a year ago. July delivery for raw sugar gained as much as $0.043 (1.8 percent) to $0.2395 per pound by 14:00 on ICE.

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