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Gold Recovers After Huge Drop, Grains Advance

October 23, 2014 at 23:48 by Vladimir Vyun

Gold bounced at the current trading session following a drop at the previous session. Prices were down due to upbeat economic data from the United States that eased concerns about global growth and reduced need for safety. Additionally, positive data bolstered the US dollar, which is usually inversely correlated with prices for bullion. December contract for delivery of gold added 0.28 percent to $1,232.50 per troy ounce as of 23:35 GMT on COMEX today. Prices were down as much as 1.3 percent at the previous session — the biggest drop since October 3.

Futures for soybeans gained today as US exports were rising, while harvest is expected to be slow. Corn and wheat advanced too. The US Department of Agriculture reported today that exporters sold 2.17 million metric tons last week — the most in a month. Meanwhile, reserves of the previous year’s crop dropped to 92 million bushels, the lowest level since 1973. November futures for delivery of soybeans jumped as much as 3.17 percent to $9.9325 per bushel on CBoT today, demonstrating the biggest increase since October 17. Earlier, the price touched $9.9425 — the highest since September 16. December corn gained 1.91 percent to $3.5975 per bushel. Prices for wheat advanced 0.86 percent to $5.2675 per bushel.

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