Adam Klopfenstein News
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Gold gained for the first time this week after a government report showed U.S. employers added fewer workers than forecast in April, raising speculation that the Federal Reserve will add stimulus measures to boost growth.
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Gold fell for a second straight day as signs of stronger U.S. industrial growth boosted prospects for the economy and eroded the appeal of the precious metal as a haven.
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Copper futures rose for the second straight day as signs of progress on Europe’s debt crisis, while an International Monetary Fund projection for faster global economic growth buoyed the outlook for metal demand.
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Gold climbed to a one-week high in New York, as concern that Europe’s debt sovereign debt woes are deepening spurred demand for a haven investment.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials rose to the highest level in six days, increasing 0.6 percent to 707.22 at 4:07 p.m. in New York, after U.S. payrolls gained more than forecast, boosting the outlook for economic growth. Nickel, natural gas and copper led the gain.
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Copper gained the most in more than a week on speculation that higher energy costs will limit production of raw materials, including metals.
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Gold fell in New York, capping a second straight weekly loss, as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.
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Gold rose for a third straight session, tracking gains in equities and commodities, after a report showed U.S. payrolls gained more than forecast, boosting the outlook for economic growth and raw-material demand.
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Gold climbed to a record for the third time this week as investors stepped up demand for a haven from financial turmoil. Silver futures rose to the highest closing price since 1980.
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Cocoa futures climbed to the highest price in eight weeks in New York on signs of increasing demand for chocolate. Coffee also rose.
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