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Gold & Oil Gain, Corn & Soybeans Remain Downbeat

September 10, 2014 at 3:51 by Vladimir Vyun

Gold gained today as low prices supported hopes for higher physical demand. The metal still remains under pressure from the outlook for tighter monetary policy from the Federal Reserve, leading to losses at yesterday’s trading session. December futures for gold advanced 0.62 percent to $1,256.30 per troy ounce as of 3:36 GMT on COMEX today. Prices touched $1,247.60 yesterday — the lowest rate since June 6.

Price for crude oil also rose today on speculations that demand from the United States should pick up as economic recovery proceeds, while inventories continue to shrink. There is still a danger that the commodity may weaken as tensions in Ukraine and Middle East are easing, meaning that prices lose support from risk premium. October futures for WTI crude oil added 0.19 percent to $92.93 per barrel on NYMEX, while contract for Brent crude gained 0.23 percent to $99.39 per barrel on ICE.

Corn and soybeans remained in a bear mode on prospects for record harvest. While expert were previously worried that low temperature may hurt plants in the USA, now they say that the threat is not very high. December futures for corn lost 0.22 percent to $3.4350 per bushel on CBoT today. November soybeans fell 0.18 percent to $9.9100 per bushel.

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

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