Gold extends gains as investors seek quality; corn up on China buy
By APWednesday, April 28, 2010
Gold extends gains as flight-to-quality continues
NEW YORK — Gold is extending its gains as investors continue to seek safety after Standard & Poor’s cut Spain’s credit rating. S&P had downgrade Greece and Portugal the day before.
Commodities generally followed broader markets higher on Wednesday, after the Fed said it would keep a key interest rate low for an “extended period.”
In agricultural commodities, corn jumped after China bought 4.5 million bushels of U.S. corn for May delivery.
Corn for July delivery rose 10.25 cents, or 2.9 percent, to settle at $3.64 a bushel.
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