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Gold Gains on Europe’s Debt, Copper Rises with Demand

December 1, 2010 at 3:19 by Vladimir Vyun

Copper futures reached the highest level in a week on speculation that global consumption may exceed production. Global inventories of copper may decline to historical lows in next two years because of decreasing output. Demand may outpace supplies by 1 million metric tons through 2011 and 2012. March futures for copper delivery rose $0.052 (1.4 percent) to $3.8195 as of 12:17 on COMEX.

Gold jumped to the highest level in two weeks as debt problems in Europe are worsening. Ireland’s bailout wasn’t able to restore confidence in the economy of the Eurozone and investors’ concerns just shifted to Portugal and Spain. The dollar surged to the highest level in 10 days versus the euro. February futures for gold delivery gained $18.60 (1.4 percent) to $1,386.10 per ounce by 13:33 on COMEX.

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