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Gold Rises on Inflation, Corn & Soybean Stop Falling

July 17, 2009 at 19:10 by Vladimir Vyun

Demand for corn and soybean rises after price slump boosted attractiveness of these commodities. After several weeks of decline caused by the increased square of the farmers’ crops (because of the cool, wet weather) prices rebound. Soybean have a biggest gain in a week and two-day slide of corn stopped. December corn futures went up $0.0175, or 0.5 percent, to $3.27/bushel as of 10:44 on the Chicago Board of Trade. November futures for soybean gained $0.1575 (1.8 percent) to $9.0575/bushel.

Rise of inflation caused gain in gold as the traders want to hedge their assets. U.S. housing starts rose to the biggest level since November 2008, while building permits grew at a fastest pace this year in June, giving higher outlook for inflation. August gold futures gained $1.90 (0.2 percent) to $937.30 as of 11:27 on NYMEX.

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