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Gold priced in euros is doing even better, rising 5.1 percent

Gold priced in euros is doing even better, rising 5.1 percent this month compared with a 3.6 percent gain for dollar- denominated bullion. Dennis Gartman, the Suffolk, Virginia-based economist and editor of the Gartman Letter, owns gold priced in euros and wrote yesterday that it reduces volatility.

Commodities as measured by the S&P GSCI gauge are heading for their weakest performance since 2008. Demand for everything from crude oil to aluminum to wheat contracted that year as nations contended with the worst global recession since World War II. The International Monetary Fund is anticipating no return to that slump, forecasting economic growth of 4 percent in 2012, unchanged from this year.

Eleven of 21 traders and analysts surveyed by Bloomberg expect copper to fall next week. The metal for delivery in three months, the London Metal Exchange’s benchmark contract, declined 20 percent to $7,639 a ton this year.