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Gold Falls on Stronger Euro, Copper & Oil Gain

June 8, 2011 at 2:13 by Vladimir Vyun

Copper gained on the speculation that supply will decline and as weaker dollar boosted prices of commodities. Contract for delivery of copper in three months went up 0.2 percent to $9,157.50 on LME

Gold metals fell as the euro gained, reducing demand for safer assets, after the European Central Bank supported plan for rollover of the Greek bonds. August futures for delivery of gold slipped $3.20 (0.2 percent) to $1,544 on COMEX. July silver futures advanced $0.264 (0.7 percent) to $37.046 per ounce.

Oil jumped on the speculation that increasing production quotas in the Organization of Petroleum Exporting Countries will reduce spare capacity. The US Energy Department revised its forecast for the global usage of oil this year to 88.43 million barrels per day from 88.08 million in May. July delivery for crude oil traded at $99.09 per barrel on NYMEX. July futures for Brent crude delivery rose $2.30 (2 percent) to $116.78 per barrel on ICE.

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