Gold, silver edge lower; grain prices rise sharply

AP News
Posted: May 09, 2013 5:16 PM

Corn and wheat futures settled sharply higher Thursday, while gold and silver slipped.

Energy prices were little changed.

In July contracts, corn rose 15.75 cents to $6.4875 a bushel, an increase of 2.5 percent. Wheat rose 17.50 cents to $7.235 a bushel, also up 2.5 percent.

Soybeans rose 18 cents, or 1.3 percent, to $14.0875 a bushel.

The price of crude oil fell slightly as the dollar strengthened against foreign currencies and concerns grew about inflation in China.

Benchmark oil for June delivery lost 23 cents to finish at $96.39 a barrel on the New York Mercantile Exchange.

Most other energy contracts ended higher.

Wholesale gasoline rose 3 cents to finish at $2.89 a gallon, heating oil rose 2 cents to end at $2.94 a gallon and natural gas was flat at $3.98 per 1,000 cubic feet.

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Walter E. Williams

Gold for June delivery fell $5.10 to $1,468.60 an ounce.

July silver fell 1.6 cents to $23.91 an ounce. July copper fell 3 cents to $3.3405 a pound. July platinum rose $11.60 to $1,516.50 an ounce and June palladium rose $16.50 to $714.75 an ounce.