Commodities rise on budget talks, economic news

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Associated Press

Posted on November 29, 2012 at 4:01 PM

Updated Thursday, Nov 29 at 4:02 PM

Most commodity prices are higher as back-and-forth negotiations continue over the U.S. budget.

Prices rose Thursday for gold, industrial metals, oil and soybeans. Natural gas, wheat and corn fell.

Investors hope the Obama administration and Congress can agree on a new budget before government spending cuts and tax increases go into effect Jan. 1.

Without an agreement, economists believe the U.S. could fall back into a recession. That could cut demand for commodities from oil and copper to crops.

Commodities also benefited from a report showing the U.S. economy grew faster than first thought in the third quarter. And a trade group says a measure of pending home sales rose last month.

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