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IMF Lowers Grow Forecast for, Weakens Gold & Copper

April 12, 2011 at 5:19 by Vladimir Vyun

Copper fell after the International Monetary Fund trimmed its forecast for the economic growth of the US and Japan. The IMF predicted that the US economy will grow 2.8 percent in 2011, less than in the previous year. Japan’s economy will expand 1.4 percent, according to the forecast, while previous estimated suggested a 1.6 percent growth. The earthquake in Japan also damped demand for the industrial metal. May futures for copper delivery fell 0.4 percent to $4.4625 per pound on COMEX.

Gold also fell as slower growth means lesser inflation pressure and lower demand for the precious metal as a hedge against inflation. June contract for gold delivery slipped 0.8 percent to $1,456.60 in New York, falling from the record $1,478.

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