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Gold’s Rally Limited by Dollar, Soybeans Extend Losses

November 21, 2014 at 12:16 by Vladimir Vyun

Gold rose a bit together with other precious metals today, but gains were limited. The metal is supported by the upcoming referendum in Switzerland regarding an increase of Swiss National Bank’s gold reserves. At the same time, bullion is under pressure from the dollar’s strength. The US currency was firm today as the European Central Bank President Mario Draghi reiterated that the bank is ready to expand stimulating measures to help the struggling European economy. December futures for delivery of gold went up 0.28 percent to $1,194.20 per troy ounce as of 12:06 GMT on COMEX today.

Soybeans fell today, heading for a third weekly drop, on forecast of rains in South America. While Brazil has received precipitation recently, it was not enough to erase the impact of the previous drought completely. With prospects for a record harvest in the United States, the supply outlook for the oilseed is bearish. January contract for delivery of soybeans slipped 0.02 percent to $10.2025 per bushel on CBoT today.

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