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Precious Metals Rally on US Data, Soybeans Drop on Supply

February 26, 2014 at 8:13 by Vladimir Vyun

Precious metals rose today as economic data from the United States continued to be surprisingly poor. The manufacturing index of the Richmond Federal Reserve Bank unexpectedly sank from 12 to -6 in February. Consumer confidence dropped from 79.4 to 78.1 this month instead of rising to 80.2 as was predicted by analysts. The reports added to concerns that US recovery is losing steam. April futures for delivery of gold rose $1.2 (0.09 percent) to $1,343.9 per troy ounce as of 8:03 GMT on COMEX today. May silver ticked up from $0.03 (0.13 percent) to $22.03 per ounce.

Soybeans declined today on speculations that the global supply will be ample despite adverse weather in Brazil. Forecasters reduced their projections for the harvest from the South American country, but it is still expected to be record high even with the downward revision. May contract for delivery of soybeans lost $0.0400 (0.29 percent) to $13.8325 per bushel on CBoT today.

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