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Pessimism on Markets Helps Gold, Hurts Copper & Oil

September 9, 2011 at 21:27 by Vladimir Vyun

The sentiment on markets was pessimistic today. As a result prices for copper and oil fell, while gold gained.

Concerns about the crisis in the European Union intensified after German economist Juergen Stark resigned from the European Central Bank’s Executive Board today, leading to the speculation Germany will increase opposition to bailing out Greece. Traders also speculate that Greece may be forced to leave the Eurozone. US President Barack Obama spoke today, but failed to ease worries about the state of the US economy.

The MSCI All-Country World Index and the Standard & Poor’s 500 Index both dropped as much as 3.1 percent.

October futures for delivery of crude oil fell $1.81 to $87.24 per barrel on NYMEX. December futures for delivery of copper slid $0.141 (3.4 percent) to $4.0025 per pound by 13:00 on COMEX. December contract for delivery of gold advanced $2 (0.1 percent) to $1,859.50 per ounce as of 13:49 in New York.

If you have any questions and comments on the commodities today, use the form below to reply.

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