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Rice Surge, Gold & Silver Retreat from Records

February 26, 2011 at 6:11 by Vladimir Vyun

Rice climbed as governments increased their stockpiles to prevent surge of the prices for food, like the one that caused the protest in North Africa and Middle East. Japan purchased 68,000 metric tons of rice from the US, Australia and Thailand. Bangladesh, the largest consumer in South Asia, is seeking supply from India to boost food security. May delivery for rice gained $0.5 (3.6 percent) to $14.31 per 100 pounds as of 11:45 on CBoT.

Gold and silver retreated after the longest rally since August. The uncertainty caused by the tensions in North Africa and Middle East, which boosted the prices for the precious metals, persists and the metals declined most likely because traders took profit from the high prices. The upward momentum remains in place and the prices will likely continue to rise in the future. April futures for gold delivery dropped $6.50 (0.5 percent) to $1,409.30 per ounce by 13:43 on COMEX.

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