Rising Gold, Falling Cotton
Gold gained in New York as the dollar declined, boosting the appeal of the precious metal as a hedge against inflation. The greenback fell 5.2 percent against the basket of six major currencies. December futures for gold December delivery gained $0.30 to $994.40 per ounce on the Comex division of the New York Mercantile Exchange.
Cotton prices slumped to the lowest in two weeks after an unexpected decline in consumer confidence in the U.S. caused speculation that the economic recovery may be slowing. Clothing sales go up when consumers are feeling confident and suffer when people are feeling a little less confident. Jobless rate in the U.S. is predicted to reach 10 percent this year. December futures for cotton delivery slid $0.0148 (2.4 percent) to $0.6142 per pound as of 11:42 on ICE Futures U.S. in New York.
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