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Rebound in Gold; Increased Demand for Corn

August 12, 2009 at 21:35 by Vladimir Vyun

Gold rises as dollar falls today. Dollar dropped before a Federal Reserve statement on interest rates causing increasing attractiveness of gold as hedge against inflation. December futures for gold delivery went up $1.90 (0.2 percent) to $949.50 per ounce by 11:32 on the New York Mercantile Exchange’s Comex division.

Corn prices rebounded on speculation that its consumption in the U.S. may rise. Livestock feeders, ethanol makers and overseas buyers will consume about 12.88 billion bushels of U.S. corn compared to a July forecast of 12.53 billion bushels. December futures for corn delivery gained $0.02 (0.6 percent) to $3.33 per bushel as of 12:05 on CBoT.

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