Gold metals fell as the euro gained, reducing demand for safer assets, after the European Central Bank supported plan for rollover of the Greek bonds. August futures for delivery of gold slipped $3.20 (0.2 percent) to $1,544 on COMEX. July silver futures advanced $0.264 (0.7 percent) to $37.046 per ounce.

Oil jumped on the speculation that increasing production quotas in the Organization of Petroleum Exporting Countries will reduce spare capacity. The US Energy Department revised its forecast for the global usage of oil this year to 88.43 million barrels per day from 88.08 million in May. July delivery for crude oil traded at $99.09 per barrel on NYMEX. July futures for Brent crude delivery rose $2.30 (2 percent) to $116.78 per barrel on ICE.
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Gold decline as the rebound of the euro reduced demand for the precious metal as a safe haven. The European currency gained 1.3 percent after Germany’s Chancellor Angela Merkel said that her country is committed to the stability of the euro. Futures for delivery of gold in August slipped $10.50 (0.7 percent) to $1,532.70 by 13:38 on COMEX.

Crude oil advanced after the dollar fell as Moody’s Investor Service put the US credit rating on review for downgrade. The rating agency will cut the debt rating of the North American country if there would be no progress in increasing the debt limit. July futures for crude oil delivery traded at $100.40 per barrel on NYMEX following the fall by 1.8 percent to $98.46.
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Gold jumped to the highest level in two weeks as debt problems in Europe are worsening. Ireland’s bailout wasn’t able to restore confidence in the economy of the Eurozone and investors’ concerns just shifted to Portugal and Spain. The dollar surged to the highest level in 10 days versus the euro. February futures for gold delivery gained $18.60 (1.4 percent) to $1,386.10 per ounce by 13:33 on COMEX.
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Crude oil dropped today after the dollar strengthened against the euro and forecasts suggest that gasoline inventories in the US, the biggest oil consumer in the world, would grow, causing demand for crude to decline. The euro fell versus the dollar on concerns about health of the banking systems in such countries as Ireland and Portugal. Experts estimated that US gasoline stockpiles advanced 750,000 barrels last week. November delivery for crude oil (Brent) dropped $0.3 (0.4 percent) to $78.57 per barrel on ICE.
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Euro’s rally prompted investors to sell the precious metal and buy the 16-nation European currency, limiting gains of gold. As McGhee of Integrated Brokerage Services said:

On the rallies, you’ve got some investors moving out of gold and back into euros.

December futures for gold delivery advanced $1.50 (0.1 percent) to $1,185.40 by 13:35 on COMEX, following the surge to $1,193.90. Speculators raised net-long position by 5.9 percent on COMEX in the week ended July 27th.
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Soybeans gained today amid concerns that excessive precipitation will delay planting and diminish the yield. The amount of rain, received by some fields from Kansas to Michigan in the previous month, was more than twice above the normal quantity. The planting in the U.S. was completed by 74 percent on May 30th, compared with the average 75 percent in the past five years. July futures for soybean delivery gained $0.015 (0.2 percent) to $9.335 per bushel by 10:35 on the Chicago Board of Trade.
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Gold futures jumped after the euro’s decline boosted demand for the precious metal as a safe haven. The Bank of Spain took over the savings bank CajaSur after it was harmed by property-loan defaults. This caused doubts about resilience of the European banking system, which led to the euro’s weakness. June futures for gold delivery climbed $15.10 to $1,191.20 per ounce by 11:34 on COMEX in New York.
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Crude oil fluctuated around $85 per barrel as the speculation about the dollar weakness spurs demand for the commodity as an alternative asset, driving the prices up, yet the concern for the declining demand forces the oil prices downward. The rescue package, provided to Greece by the European Union, sparked expectations for the dollar to fall versus the euro. In the same time, the global inventories are stockpiling, the U.S. inventories are above average and there is no sign of supplies decline. May delivery for crude oil for dropped $0.04 to $84.88 per barrel by 12:39 on the New York Mercantile Exchange.

Copper prices dropped from the highest level in 20 months on speculation that the rally was excessive. Previously prices have risen on outlook for the economic recovery in the U.S., but the National Bureau of Economic Research insisted that it is too early to talk about the end of the U.S. economic recession. May futures for copper delivery fell $0.024 (0.7 percent) to $3.566 per pound as of 12:48 on NYMEX.
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Gold gained after the dollar slid today, boosting the demand for an alternative assets. The U.S. currency fell 0.7 percent versus a basket of major currencies as recovery of the U.S. economy slowed and jobless rate worsened. Confidence in euro strength also waned on concern about Greece budget deficit, causing investors to seek alternative to common currencies. June futures for gold delivery gained $9.10 (0.8 percent) to $1,114.80 per ounce as of 11:53 on NYMEX in New York.
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Hog futures slid on outlook for lower reductions of the U.S. breeding herd. U.S. hog farmers held back about 5.855 million sows for breeding by March 1st, that’s 2.3 percent down from a previous year. Reductions declined as farmers expect that profits may rebound after losses on slumping pork demand and high corn prices. June futures for hog settlement slid $0.00175 (0.2 percent) to $0.7945 per pound by 11:44 on the Chicago Mercantile Exchange.
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Copper prices went up after the euro rebounded versus the dollar, boosting appeal of the metal as a hedge against inflation. The euro gained as much as 0.5 percent. Inventories of the LME-monitored copper dropped 0.3 percent, supporting the metal’s price. Delivery for copper in three months went up $47 (0.6 percent) to $7,418 per metric ton by 17:44 on the London Metal Exchange.
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Cocoa futures in New York dropped after the dollar rose, cutting appeal of raw materials as an alternative assets. Cocoa was under pressure of the greenback from the beginning of 2010 as the stronger dollar reduced demand for commodities as a safe haven. Cocoa price also slid as harvest in Ivory Coast was better than predicted. May futures for cocoa delivery dropped $62 (2.1 percent) to $2,833 per metric ton on ICE Futures U.S.
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