11/05/2011 04:26:00 PM
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Commodity Updates
- GOLD TRADERS MORE BULLISH AS DEBT CRISIS, U.S. ECONOMY SPUR BETS ON GAINS.
- OIL RISES TO THREE-MONTH HIGH AS GREECE BACKS DOWN ON RESCUE PACKAGE VOTE.
- COPPER RISES ON ECB RATE CUT, GREEK BAILOUT HOPES.
- WHEAT PLUNGING AS DECADE-HIGH STOCKPILES EASE WORLD SHORTAGES.
Gold
U.S. Gold futures pulled back from the prior session's climb to a six- week high on Friday, as prices consolidated the move in front of U.S. monthly jobs data, while Copper firmed as Greek default worries eased. Gold pulled back, but prices held near their highest in six weeks due to the uncertainty surrounding Greece and the euro zone. Bullion came under pressure on market frustrations that the euro zone won verbal support but no new money at a Friday's G20 summit for its tortured efforts to overcome a sovereign debt crisis. The metal -- a traditional safe haven which has recently taken to tracking riskier assets -- fell with U.S. equities after data showed U.S. hiring slowed in October but the unemployment rate also fell, pointing to some improvement in the still- weak labor market.
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