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Stock Gains Make Copper Rise and Gold Fluctuate

September 8, 2010 at 18:48 by Vladimir Vyun

Copper prices rose today as US equities gained, increasing demand for commodities. The Standard & Poor’s 500 Index gained as much as 0.8 percent. Experts say that demand for the metal should grow with a seasonal increase of economic activity in autumn. December futures for copper delivery gained $0.027 (0.8 percent) to $3.4975 per pound as of 10:24 on COMEX.

Gains of stock caused gold prices to fluctuate as they were heading to the record high. The precious metal is encountering resistance as it closes to record levels. Concerns for global economic growth provide support for the prices as the Federal Reserve and the European Central Bank left interest rates unchanged to stimulate economy and the Bank of Canada said that Canadian economic growth would be slower than previously estimated. December futures for gold delivery added $0.4 to $1,259.70 by 11:20 on COMEX.

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