Commodities News
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Gold’s biggest slump in three years means traders and analysts are now the most bullish in three months, speculating that Europe’s debt crisis, slowing growth and a bear market in equities will drive demand for bullion.
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Oil rose in New York, heading for a second weekly gain on speculation Europe may contain its debt crisis and that the U.S. economy will recover, bolstering demand for raw materials.
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Wheat rose in Chicago, heading for a first weekly climb in seven, on speculation demand for the grain to feed livestock will strengthen after corn prices rebounded.
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The combination of a weakening rupee and U.S. interest rates near a record low is prompting India’s state-owned refiners to turn to dollar funding for oil imports.
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