Commodity Blog |
| Gold Posts Weekly Gain Despite Friday’s Loss Posted: 09 Nov 2012 07:19 PM PST Gold fell yesterday as poor macroeconomic data deterred speculators from investing in commodities. Yet the precious metal gained over the week on hopes that stimulus measures will increase appeal of the metal as an inflation hedge. Germany’s inflation growth stalled last month. France’s gross domestic product may fall 0.1 percent in the third quarter of this year, driving France into recession, according to the Bank of France. The unfavorable fundamentals drove gold down. Yet expectations of stimulus in developed nations allowed gold to post weekly gain despite the Friday’s drop. Additionally, the festival season in Asia is nearing and it should also boost demand for the precious metal. Demand from India may rise 15 percent, according to analysts. Gold dropped from $1,733.51 to $1,731.22 per troy ounce on COMEX yesterday. Over the week, the metal rallied from 1,679.48. |
| USDA Estimates Send Soybeans & Wheat Lower Posted: 09 Nov 2012 12:19 PM PST Soybeans and wheat fell today after the US Department of Agriculture boosted its forecast for global inventories and output. At the same time, consumption is expected to decline. World wheat stockpiles are expected to be at 174.18 million metric tons at the 2012–13 season, 0.7 percent above the October estimate. The projection for output was somewhat lower by 0.2 percent at 651.43 million tons. As for demand, it was revised down by 0.5 percent to 675.14 million tons. Global soybean reserves are projected to total 60.02 metric million tons, 4.3 percent above the previous forecast. Expected output was higher by 1.3 percent at 267.6 million tons, while consumption estimated to be 261.03 million tons. Soybeans fell as much as $0.4275 (2.86 percent) to $14.53 per bushel as of 20:14 GMT on CBoT today. Wheat dropped $0.1625 (1.8 percent) to $8.8625 per bushel. |
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