Even if the revival has improved the prospects for the diamond business across the world, but the situation does not seem to be favouring the diamond polishing units as most of them are faced with either shortage of labour or increased cost in terms of wages.
Irrespective of the bleak global economic prospects, global oil demand is likely to rise by 2.2 percent for the rest of the year, said the International Energy Agency.
Kazakhstan expected to succumb to Russian pressure for barring wheat exports outside the Commonwealth of Independent states in order to establish monopoly on their grain supplies.
India is on the cusp of a gold boom this week. With the onset of festival season in India on August 24 (Raksha Bandhan), bullion market is set to boom as demand for the yellow metal will shoot up in the country.
The worried and hassled world of bullion investors heaved a sigh of relief following the release of US Federal Reserve report this week following which the gold prices showed signs of gains.
Oil fell below $80 on Wednesday, as a report from the International Energy Agency (IEA) that warned of risks to demand did nothing to dent bearish sentiment caused by economic fears and a sharp fall in equity markets.
Rising grain prices from Russia's drought and fires will pressure populations already hit by the financial crisis and could stoke unrest -- particularly in the Middle East, North Africa and parts of Europe.
Gold fell in Europe on Wednesday as a 1 percent rise in the dollar outweighed potentially supportive news that the U.S. Federal Reserve is holding interest rates at record lows and extending quantitative easing.
Gold prices moved up in Asian trade Wednesday mainly on bargain hunting triggered by Fed moves to revive US economic recovery.
Gold for immediate delivery was seen trading at $1203.18 an ounce at 12.00 noon Singapore while U.S. gold futures for December delivery was at $1,205.4 an ounce.
The European Central Bank on Tuesday said gold and gold receivables held by euro zone central banks rose by one million euros to 352 billion euros in the week ending August 6.
In its regular weekly consolidated financial statement, the ECB said net foreign exchange reserves in the Euro system of central banks were virtually unchanged at 191.7 billion euros.
Oil hovered around $80 on Wednesday after data showing a rise in U.S. crude imports was offset by steps taken by the Federal Reserve to shore up the economic recovery.
The higher U.S. crude imports coupled with lower refinery operating rates, in data released after the close on Tuesday, raised concerns of a stock build in the world's largest energy consumer.
U.S. wheat futures bounced back on Wednesday, snapping a three-session losing streak, as traders took positions ahead of a key U.S. government report expected to estimate lower global output after Black Sea crop damage.
Gold edged up on Wednesday on bargain hunting driven by a drop in stock markets and after the U.S. Federal Reserve said it would keep interest rates low, but a lack of physical buying could cap gains.
The dollar slipped toward a 15-year low against the yen after the Fed took steps to bolster the fragile U.S. recovery, while Asian stocks tracked losses in Wall Street and were also dragged down by tech sales.
Bullion trades on the Indian bourses once again hit the bells as the latest trade data released by the Forward Markets Commission (FMC) for the fortnight 16th July 2010 till 31st July, 2010 showed bullion trade volumes rising 123.8% from the corresponding period last year.
After nearly 40 years, BP is returning to Libya amid widespread controversy about an alleged link to the Lockerbie bomber's release and fears about a potential oil disaster in the Mediterranean Sea. Yet despite the oil giant's enthusiasm, its future in Libya - a country boasting the largest crude oil reserves on the continent -- may end up as murky as competitors that have ventured there.
Gold prices fell for a second day in Europe on Tuesday as the dollar strengthened, but prices did not stray far from $1,190 an ounce as traders awaited the outcome of a U.S. Federal Reserve monetary policy meeting.
Oil dropped more than a dollar below $80 a barrel on Tuesday, sapped by hints of weaker demand for fuel in the world's top energy users and a strengthening U.S. dollar.
U.S. crude for September delivery fell $1.80 to $79.68 a barrel by 1304 GMT, off a session low of $79.55. London Brent crude was down $1.90 at $79.09.
Silver is unlikely to lose its charm in the coming days even as analysts predicted that the metals is expected to remain bullish this week, supported by technical indicators, a weak dollar and weaker China economic data.
It seems disasters are set to hit gold production in a big way this year. As reports come in from China about fire at a gold mine at Yantai in Shandong province killing 16 people, Chile also reported major accidents at its mines last week.
Gold retreated in Asian trade Tuesday, ahead of a crucial US Fed policy meeting.
Gold for immediate delivery was seen trading at $1199.74 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1201.8 an ounce.
Analysts said investors are hopeful of Fed taking steps to ease monetary policy later in the day, boosting bullion's safe-haven appeal.
Gold prices eased below $1,200 an ounce in Europe on Tuesday as the dollar strengthened, but remained supported by uncertainty ahead of a monetary policy meeting of the U.S. Federal Reserve later in the day.
Oil dropped a dollar to below $81 a barrel on Tuesday, sapped by hints of weaker demand for fuel in the world's top energy users and a strengthening U.S. dollar.
U.S. crude for September delivery fell $1.03 to $80.45 a barrel at 6:20 a.m. ET, off a session low of $80.30. London Brent crude was down $1.30 at $79.69.
Gold steadied around $1,200 on Tuesday on bargain hunting as investors bet the U.S. Federal Reserve would take further steps to ease monetary policy later in the day, boosting bullion's safe-haven appeal.
Oil fell below $81 on Tuesday as China's crude imports slowed sharply in July, raising the prospect of less purchases by the world's second largest energy consumer as its economic growth cools in the second half.
China imported 19 million tonnes or 4.47 million barrels per day of crude oil in July, down 17.5 percent from June's record 5.4 million bpd, official data showed.
Oil fell to near $81 on Tuesday as China imports slowed pace in July, raising the prospect of less crude purchases by the world's second largest energy consumer as economic growth cools in the second half.
Gold ticked lower on Tuesday as early bargain hunting subsided, but investors bet the U.S. Federal Reserve would take further steps to ease monetary policy later in the day, boosting bullion's safe-haven appeal.
The China International Silver Conference (CISC) will be held in Beijing, October 15-17. This annual event in China has become one of the most important forums for market participants to discuss trends and important developments in the global silver market.
Who's the Swiss investor hwo lapped up a major quantity of Krugerrand gold bullion coins by the Rand Refinery and dried up its Kruggerand reservoir?
Rand Refinery, the world's largest gold refinery refuses to reveal the identity of the individual but said that the stock can be replenished only in September.
Problems at the mines in South Africa, increasing demand due to the rise in auto sales and emerging markets like India and China will ensure that platinum and palladium outperform gold in the coming years.
Following China's decision to open up the gold sector by allowing more banks to trade in bullion, Indian banks have also decided to approach the Reserve Bank of India for permission to trade in gold.
Several banks have moved the RBI seeking permission to trade in gold in the domestic market and even hedge their requirements on futures exchanges.
