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Gold Gains, Soybeans Reach New High

April 11, 2012 at 2:25 by Vladimir Vyun

Gold advanced as traders continued to speculate that the Federal Reserve may stimulate the US economy. The poor payrolls last week have set markets in risk aversion mode, hurting most commodities, but benefiting precious metals. The 
Standard & Poor’s GSCI Spot Index of raw materials fell as much as 1.5 percent yesterday. Gold was up from $1,649.00 to $1,659.20 per ounce on COMEX yesterday, before opening at $1,654.70 today.

Soybeans reached the new high this year on the forecast of rising demand in China. The Asian country posted an unexpected trade surplus, reducing fear of the economic slowdown. Yet debt problems in Europe and the poor employment data in the United States trimmed optimism. Some analysts said that the expected demand from China doesn’t warrant the current high price. Soybeans reached $14.5225 yesterday on CBoT, the highest level since August 31.

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