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Gold & Silver Sinks to Lowest Since 2010, Wheat Drops

November 1, 2014 at 5:00 by Vladimir Vyun

Prices for gold and silver fell during Friday’s trading, reaching the lowest level since 2010, as the dollar jumped. The US currency rallied on positive data from the United States as well the monetary policy decision from the Bank of Japan. The unexpected monetary easing from the BoJ took market participants unawares and triggered a run to the greenback in search of safety. December futures for delivery of gold sank 2.3 percent to $1,171.60 per troy ounce on COMEX, touching the low of $1,160.50 intraday. Bullion lost 4.9 percent of its value of the week and 3.3 percent during October. Silver plunged 4.8 percent to $15.64 per ounce yesterday.

Wheat also dropped as forecasters predict an increase of global output despite unfavorable weather in some major exporting countries. The International Grains Council estimated in its Grain Market Report that world production will grow by about 1 million metric tons to the record 717.6 million next year. Ending stocks will expand from 185.0 million tons to 192.9 million. December contract for delivery of wheat slid 0.65 percent to $5.3250 per bushel on CBoT.

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