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Gold Heads to Weekly Loss, Rubber Jumps on Signs of Growth

January 31, 2014 at 4:03 by Vladimir Vyun

Gold is heading to its first weekly loss since December as signs of global economic growth reduced demand for a safe haven. US gross domestic product rose 3.2 percent in the fourth quarter of 2013, according to the advance estimate. Moreover, monetary tightening from central banks of such countries as India and Turkey made investors prefer riskier assets over safer ones. Futures for delivery of bullion in April traded at $1,242.50 per troy ounce as of 3:46 GMT on COMEX today after touching $1,238.17 per ounce yesterday — the lowest level in a week. The precious metal was heading to a 2.1 percent weekly loss.

One of riskier assets that profited from risk appetite of traders was rubber. Economic expansion means higher demand for the commodity, making it a reasonable investment to profit from. Rubber was in a bear mode this month as well as the last year, when it fell 9.3 percent. July futures for delivery of rubber gained ¥3.0 (1.32 percent) to ¥229.8 per kilogram on TOCOM.

If you have any questions and comments on the commodities today, use the form below to reply.

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