Oil rose past $79 on Monday, supported by improved risk appetite and expectations that a forecast severe Atlantic hurricane season could bring further disruptions to oil and gas operations in the U.S. Gulf of Mexico.
Asian shares rose and the euro extended gains on Monday as solid U.S. corporate earnings and strong euro zone data offset growing skepticism that a stress test on European banks were not strict enough.
Gold prices recovered in Asian trade Monday mainly on bargain hunting while euro's gains also helped the bullion.
Gold for immediate delivery was seen trading at $ 1192.48 an ounce at 12.00 noon Singapore time while US gold futures for August delivery was at $1,192.2 an ounce after settling nearly $8 lower on Friday following the European stress tests.
Fund flows into commodity markets continued to rise in the first half of 2010 despite the difficult six months but analysts are increasingly warning of a slowdown as weak returns dent investor confidence.
Money managers have piled into commodities in recent years in search of stronger returns and protection away from the troubles of equity and bond markets during the financial crisis. But for many, the promise of diversification, hedges against inflation and any kind of correlation between risi...
Iran and Turkey has singed a one billion euro pact for building natural gas pipeline for transferring Iran gas to Turkey. As per the contract, Turkey to contribute 77% of total required fund for completing the 660- kilometer pipeline.
If anybody thought the recent slide in gold prices is an indication of the yellow metal's losing power to sustain above $1,200 per ounce level, think again. According to analysts, gold prices are set to rise and rise in the coming months and years. They said gold prices are set to mark an eleventh year of gains in 2011 as investors seek refuge from an uncertain global economic outlook.
Prices of crude oil futures slumped below $79 a barrel on Friday despite a stock market rally and the rise of Tropical Storm Bonnie in the Gulf of Mexico. The downward turn on Friday followed a sharp gain Thursday amid positive corporate earnings reports that some saw as a signal of economic recovery and the brewing tropical storm.
Oil prices slipped back from an 11-week high above $79 on Friday, falling on uncertainty over European bank stress test results even as companies began shutting in Gulf of Mexico production ahead of a tropical storm.
The dollar's strength against the euro and a basket of currencies .DXY also added pressure.
The United States and the NATO allies are preparing to disengage and soon withdraw from Afghanistan and even the most vocal advocates of the long-term commitment do not anticipate more than five years of active US and NATO involvement. All the local key players - in Kabul, Islamabad, and countless tribal and localized foci of power - are cognizant and are already maneuvering and posturing to deal with the new reality.
The recent news that Euro zone economy is slowly gaining strength has helped platinum and palladium prices show signs of recovery.
According to reports platinum prices may rise as gradual economic recovery will lead to increased demand for the auto-catalyst metal, but some of the euphoria that lifted forecasts earlier this year has evaporated after a hefty correction in May.
Gold fell on Friday, giving up earlier gains, as caution hit financial markets ahead of the results of European bank stress tests, with renewed strength in the dollar helping pull the metal back from $1,200 an ounce.
The results of stress tests are due at 1600 GMT.
Surat, the diamond capital of India, heaved a sigh of relief on Friday when credit rating agency CRISIL said India's diamond industry is expected to remain stable this fiscal, on the back of steady demand and improved prices, although the Eurozone crisis may have some impact on gems and jewellery exports.
Gold this week received a blow from some unexpected quarters. During the past few weeks, the driving force behind gold has been the Euro zone economic crisis. First it came from Greece then Portugal crisis helped the yellow metal gain and cross $1,200 per ounce mark and in a latest development, the Ireland financial woes boosted the gold prices.
Gold rose toward $1,200 an ounce in Europe on Friday, supported by dollar weakness, as a retreat in risk aversion led to a return of the two assets' usual inverse relationship.
All eyes are on the results of European bank stress tests, due at 1600 GMT. Signs of distress in the sector could lead to fresh interest in gold as a haven from risk, analysts said.
Crude drifted lower after hitting a three-month high near $80 on Friday, supported by a storm threat to U.S. Gulf oil installations but pressured by uncertainty over the result of bank stress tests in Europe.
By 0943 GMT (5:43 a.m. EDT), U.S. crude for September was trading 26 cents lower at $79.04 a barrel. ICE Brent crude futures were 28 cents down at $77.54.
Gold prices eased in Asian trade Friday as traders await the outcome of European bank stress test.
Gold for immediate delivery was seen trading at $1194.47 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,194.4 an ounce on the Comex division of the NY Mercantile Exchange.
In a decision which will have a huge impact on the diamond sector across the globe, Zimbabwe announced that it will immediately auction a stockpile of more than 4.5 million carats of diamonds that it has been sitting on during the past nine months due to an international ban on trade in gems from the country's controversial Marange fields.
Crude prices slipped from an 11-week high to stay near $79 on Friday, as uncertainty about European bank stress tests and U.S. oil demand tempered a boost from positive corporate results and storm threats.
Gold slipped on Friday despite gains in equities as investors took to the sidelines before the release of European bank stress test results, which seek to restore confidence in the euro zone banking sector.
Major listed lenders are expected to pass, while the tests may show the biggest problems lie with smaller, mainly unlisted players like Germany's Landesbanks and Spain's cajas.
Gold rose briefly back above $1,200 an ounce on Thursday as financial markets rallied broadly, with U.S. stocks jumping 1 percent at the open, European shares higher and oil prices climbing 2.3 percent.
The precious metal quickly slipped back below that level, however, as it struggled to break out of the relatively tight range it has kept to ahead of the results of European bank stress tests on Friday.
The recent decision of KP scheme to partially allow Zimbabwe to sell its diamonds has come as a respite for Surat, the biggest diamond processing centre in the world.
In fact, now diamantaires in Surat can officially import rough diamonds from the troubled Marange diamond mines in Zimbabwe with the Kimberley Process allowing supervised exports of diamonds from Zimbabwe.
The credit risk profiles of India's diamond and diamond jewellery players will remain stable over the medium term, on the back of steady demand expected in key markets, and improved prices of polished diamond in 2010-11, according to an analysis by CRISIL.
Platinum and palladium is set to scale new heights in the coming months. If the forecast of analysts is any indication platinum and palladium could reach around $1,300 and $400 an ounce, respectively, over the next couple of months.
Oil rose on Thursday after better than expected euro zone manufacturing and services data, but rising U.S. oil inventories and fears about the broader U.S. economy, the world's largest, kept prices in check.
The euro zone's private sector surged this month, according to a survey released on Thursday, reassuring markets spooked by U.S. Federal Reserve Chairman Ben Bernanke describing the prospects for the United States as unusually uncertain.
Gold prices are set to mark an eleventh year of gains in 2011 as investors seek refuge from an uncertain global economic outlook, with analysts revising up expectations sharply in a Reuters survey released on Wednesday.
Irish economy received little respite this week when the International Monetary Fund (IMF) said it is not too optimistic about the Ireland economy. And, this has come as a huge repite for the sliding gold prices on Thursday.
With more and more bad economic news emanating from Europe, the gold prices have slowly started picking up the lost rhythm this week.
Although the Ugandan government can boost the security of its fledgling oil industry from future terrorist attacks that may scare away certain investors, Africa analysts doubt violence replicating the twin bombs that struck during the World Cup final is likely.
Oil reversed early losses on Thursday to head back toward $77 a barrel as signs of a stronger recovery in Germany soothed investor concerns, but rising U.S. inventories kept prices in check.
Gold prices fell below $1,190 an ounce in Europe on Thursday as investors awaited the outcome of European bank stress tests at the end of the week, with a majority of institutions expected to pass the tests.
Spot gold was bid at $1,186.05 an ounce at 0833 GMT (4:33 a.m. EDT), against $1,191.80 late in New York on Wednesday. U.S. gold futures for August delivery fell $6.00 to $1,185.80.
Oil slid for a second day on Thursday, a day after Fed chief Ben Bernanke rekindled unease across financial markets over the pace of economic recovery, while rising U.S. inventories also kept prices in check.
Oil slid for a second day on Thursday, a day after Fed Chairman Ben Bernanke rekindled unease across financial markets about the pace of economic recovery, while rising U.S. inventories also kept prices in check.
