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Gold falls as US budget talks continue

Published on NewsOK Modified: December 18, 2012 at 3:41 pm •  Published: December 18, 2012

In March contracts, silver fell 61.1 cents to end at $31.669 an ounce, copper fell 1.25 cents to $3.6535 a pound and palladium dropped $7.35 to $690.95 an ounce. January platinum ended down $14.80 at $1,593.70 an ounce.

Energy contracts ended higher. Benchmark oil rose 73 cents to finish at $87.93 a barrel, heating oil gained 4.02 cents to $2.9965 per gallon, wholesale gasoline rose 3.63 cents to $2.6909 per gallon and natural gas increased 6 cents at $3.418 per 1,000 cubic feet.

In other trading, soybean prices fell 2 percent after China and another unspecified country canceled purchases of more than 300,000 metric tons of U.S. beans, analysts said.

Mike Zuzolo, president of Global Commodity Analytics & Consulting LLC, speculated that China placed an order for the beans when they were at a higher price. It canceled that order and likely will buy soybeans at a lower price, he said.

Soybeans for January delivery fell 30.25 cents to end at $14.66 a bushel, March wheat rose 3.25 cents to $8.1125 a bushel and March corn fell 4 cents to $7.20 a bushel.