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

Nov. 23 (Bloomberg) -- 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.

PRECIOUS METALS

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.

Palladium futures for December delivery increased 2.5 percent to $667.60 an ounce.

Precious-metal markets: {NI PCMKTS <GO>}

BASE METALS

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 months climbed 0.8 percent to $7,777 a ton ($3.53 a pound). Zinc, tin, aluminum, nickel and lead advanced.

Base-metal markets: {NI BMMKTS <GO>}

LIVESTOCK

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.

Hog futures for February settlement increased 0.3 percent to 87.375 cents a pound.

Livestock markets: {NI LVMKTS <GO>}

CRUDE OIL

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 plan for December, according to a loading program obtained by Bloomberg.

Oil futures: {NI CRMKTS <GO>}

U.S. physical crude: {NI CRGMKT <GO>}

European physical crude: {NI CNSMKT <GO>}

Asian physical crude: {NI CRAMKT <GO>}

GRAINS, OILSEEDS

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 $14.1875 a bushel. This week, the oilseed gained 2.6 percent, ending a three-week slump.

Grain markets: {NI GRMKTS <GO>}

OIL PRODUCTS

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.

Heating-oil futures for December delivery rose 0.2 percent to $3.0771 a gallon.

U.S. oil product futures: {NI OPFMKT <GO>}

U.S. oil products: {NI OPUMKT <GO>}

Asia oil products: {NI OPAMKT <GO>}

Europe oil products: {NI OPEMKT <GO>}

SOFT COMMODITIES

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.

Cocoa futures for March delivery advanced 1.6 percent to $2,516 a metric ton.

Soft commodities markets: {NI SOMKTS <GO>}

NATURAL GAS

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 added 0.9 percent to 68.65 pence a therm. That’s equivalent to $11 per million Btu.

U.S. gas: {NI NUSMKT <GO>}

U.K. gas: {NI NUKMKT <GO>}

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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