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Gold & Silver Rise on Weaker Dollar, Sugar Advances

May 27, 2011 at 16:44 by Vladimir Vyun

Sugar gained today for the fourth consecutive session on the speculation that production will fall, while demand continues to grow. According to Unica, the Brazilian Sugarcane Industry Association, the total amount of cane processed since the beginning of this year’s harvest in Brazil was 56.66 million tons as of May 15, 39.51 percent below 93.67 million tons for the same period in the previous year. The European Union and Mexico raised their import allowances this week. July delivery for raw sugar gained $0.0018 (0.8 percent) to $0.2287 per pound as of 9:52 on ICE.

Gold and silver advanced today as the dollar fell, increasing demand for commodities as alternative assets. The greenback slid 0.8 percent against the basket of six major currencies. The Thomson Reuters/Jefferies CRB Index of 19 raw materials headed for the third consecutive weekly gain. August contract for delivery of gold went up $9.70 (0.6 percent) to $1,533.50 by 10:41 on COMEX. July delivery for silver added $0.565 (1.5 percent) to $37.895 per ounce.

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