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Gold Rises & Oil Drops on Debt Crisis, Pork Gains as Corn Falls

July 18, 2011 at 17:23 by Vladimir Vyun

Gold posted yet a new record, heading for the longest rally since 1980, and oil fell today on concerns about the debt problems in the US and Europe. US President Barack Obama and congressmen still haven’t reached an agreement on measures to reduce the nation’s deficit budget. The European leaders will meet in Brussels on July 21, but traders don’t expect the summit to bring resolution for the European sovereign-debt crisis. August futures for gold delivery gained $9.60 (0.6 percent) to $1,599.70 as of 10:35 on COMEX. August futures for crude oil delivery fell $0.02 $97.22 per barrel on NYMEX.

Pork prices retreated from the record high as corn prices declined, prompting farmers to increase their hog herds for the first time since 2007. Corn prices reached the lowest level in six months on July 1 as farmers planted the second biggest area since 1944. Hog futures jumped 15 percent this year on CME.

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