Gold Futures Top $1,750 as Dollar Slumps: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.6 percent to settle at 649.8 at 3 p.m. in New York, led by metals.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.6 percent to 1,579.85.


Gold futures topped $1,750 an ounce and silver climbed to a six-week high as the dollar’s drop spurred demand for the metals as alternative investments.

The greenback fell to a three-week low against a basket of major currencies as data showed German business confidence rose in November and speculation mounted that Europe’s policy makers will agree to keep aid flowing to Greece.

On the Comex in New York, gold futures for December delivery rose 1.3 percent to $1,751.40, the biggest gain for a most-active contract since Nov. 6. Earlier, the metal touched $1,755, the highest since Oct. 17.

Silver futures for March delivery jumped 2.3 percent to $34.206 an ounce.

On the New York Mercantile Exchange, platinum futures for January delivery advanced 2.1 percent to $1,617.10 an ounce.


Copper futures rebounded amid optimism that European leaders are moving toward a deal to stem Greece’s fiscal crisis, and a report showed German business confidence unexpectedly rose in November.

On the Comex, copper futures for delivery in March rose 0.9 percent to $3.539 a pound.

On the London Metal Exchange, copper for delivery in three


Cattle futures extended a rally to a record amid shrinking supplies of U.S. beef and increasing demand for the meat as grocers boost purchases before the Christmas holiday.

On the Chicago Mercantile Exchange, cattle futures for February delivery rose 0.8 percent to $1.32725 a pound. Earlier, the price reached $1.32925, an all-time high the most-active contract.

Feeder-cattle futures for January settlement gained 0.3 percent to $1.47875 a pound.


Crude oil advanced, capping the biggest weekly gain in more than a month, as German business confidence unexpectedly rose, signaling Europe’s largest economy may expand.

On the Nymex, oil futures for January delivery climbed 1 percent to $88.28 a barrel. This week, the price advanced 1.9 percent, the biggest gain since mid-October.

Brent oil for January settlement rose 0.8 percent to $111.38 a barrel on the London-based ICE Futures Europe exchange.

Trafigura Beheer BV and Mercuria Energy Trading SA failed to sell cargoes of North Sea Forties. No bids or offers were made for Russian Urals blend in Europe for the fifth straight day.

Nigeria, Africa’s largest producer, is scheduled to export six cargoes of Bonny Light in January, one less than a revised


Corn rose to a two-week high and wheat and soybeans gained after a government report showed increasing demand for exports from the U.S., the world’s top shipper.

On the Chicago Board of Trade, corn futures for March delivery advanced 0.6 percent to $7.4975 a bushel. Earlier, the price reached $7.53, the highest since Nov. 9.

Wheat futures for March delivery increased 0.2 percent to $8.615 a bushel. The grain climbed 0.9 percent this week.

Soybean futures for January delivery climbed 0.7 percent to


Gasoline dropped after the last U.S. East Coast refinery shut by Hurricane Sandy was scheduled to open.

On the Nymex, gasoline futures for December delivery fell 0.2 percent to $2.7439 a gallon.


Coffee futures fell to a one-week low on signs of rising supplies in Brazil, the world’s biggest grower.

On ICE Futures U.S. in New York, arabica coffee for March delivery fell 1.7 percent to $1.508 a pound after touching $1.4965, the lowest since Nov. 15.

Raw-sugar futures for March delivery slumped 2.5 percent to 19.14 cents a pound

Cotton futures for March delivery dropped 1.7 percent to 71.43 cents a pound.

Orange-juice futures for January delivery climbed 0.5 percent to $1.26 a pound.


Natural gas was little changed close to a one-year high on predictions of colder U.S. weather amid above-average supply of the power-plant and heating fuel.

On the Nymex, gas futures for December delivery slid 0.1 percent to $3.901 per million British thermal units.

U.K. gas for next-working day delivery rose as demand increased amid predictions of cooler weather.

The price climbed 0.8 percent to 67.1 pence a therm after reaching 67.75 pence, the highest since Oct. 29. Next-month gas

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