Grains, and in particular wheat and corn led commodities higher due to a bout of unusually hot and dry weather in the U.S. The weather also benefitted natural gas as more Americans turned on air conditioning to cope with the heat. Meanwhile, gold rose as investors sought a safe haven due to the hint of possibly more monetary stimulus ahead in the U.S. (in the form of a third quantitative easing initiative by the Federal Reserve) and on renewed Euro debt concerns, with Italy especially in the spotlight.
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