COMMODITIES

Gold continued its slide on Wednesday with a fall of 1% to hit a near two-month low as prices broke below a major upward trend, but the metal could rebound on near-term technical support. Weak US housing sentiment and competition from other asset classes such as government bonds, equities and industrial commodities pressured the metal, which is used as an inflation hedge.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, rose 5 cents to $77.63 a barrel at 0653 GMT (2:53 a.m. EDT). ICE Brent gained 3 cents to $76.25.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, shed 10 cents to $77.48 a barrel at 12:06 a.m. ET. ICE Brent fell 14 cents to $76.08.

Gold edged down on Wednesday as investors shifted some of their money into firming equities, while a drop in ETF holdings could prompt more selling as bullion struggles to hold above $1,190 an ounce. Although purchases from jewelers offered some support, trading was thin ahead of euro zone bank stress test results this week, which some analysts say could soothe concerns about how European banks would cope with deterioration in the region's economy and financial markets.

Gold prices eased in thin Asian trade Wednesday mainly on rising stocks despite the euro edged up against the dollar. Gold for immediately delivery was seen trading at $ 1190.64 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,191.4 an ounce on the Comex division of the New York Mercantile Exchange

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Oil rose on Tuesday, bouncing as U.S. stocks came off their early lows and ahead of weekly oil inventory reports expected to show crude supplies fell last week. U.S. crude for August delivery rose 61 cents to $77.15 a barrel by 11:57 a.m. EDT. The August U.S. crude contract expires on Tuesday. The more liquid September contract traded 57 cents higher at $77.47.

Gold pared losses to turn higher after hitting its lowest in about two months in Europe on Tuesday as risk aversion returned to the wider markets after Goldman Sachs earnings disappointed investors. A weak technical picture is weighing, but interest from physical buyers is helping limit losses, analysts said.

All diamond producing African antions are now rallying behind Zimbabwe threatening to leave the Kimberley Process Certification Scheme if Zimbabwe was not allowed to market its diamonds freely. African countries, led by diamond rich Namibia, has already conveyed this decision to the KP.

Exports from India rose sharply by 32.2% in the first quarter of this fiscal to $ 50.8 billion and growth rate in June alone was 30.4% to US $ 17.75 billion as compared to $ 13.5 billion during June 2009. India's Commerce Secretary, Rahul Khullar stated that the first quarter (April-June 2010-11) exports reached a level of US $ 50.8 billion at a growth of 32.2% while the imports were $ 83 billion with a growth of 34% and a trade deficit of $ 32.2 billion.

Oil was little changed on Tuesday, pressured by declines in European stock markets but supported by expectations that U.S. industry data due later in the day would show a fall in crude inventories. European .FTEU3 shares fell, dragged lower by weakness in bank stocks as investors braced for results from Goldman Sachs (GS.N) due before the opening of the U.S. stock market.

Gold continued its downward journey on Tuesday with the global market witnessing a slump in demand. Gold for August delivery fell $6.30, or 0.5%, to $1,181.90 an ounce on the Comex division of the New York Mercantile Exchange, the lowest price for a most-active contract since May 21. Gold prices are down 6% from June's record highs.

Gold held above $1,180 an ounce in Europe on Tuesday as lower prices tempted some buyers back to the market after prices slipped to two-month lows in the previous session, but the technical picture remained weak. Gold has been pressured by concerns over deflationary signals from the United States and other economies, analysts said, while a recovery in appetite for assets seen as higher risk has also deflected some investment from the precious metal.

Can white elephants come in green? President Barack Obama flew to Holland, Mich., on Thursday to attend groundbreaking ceremonies for a new lithium-ion battery plant, which the White House advertised as an example of federal stimulus grants at work and a gateway to a clean-energy future.

Oil climbed to $77 on Tuesday as forecasts for a fourth consecutive weekly drop in U.S. crude inventories bolstered the positive influence of rising stock markets in most of Asia. Shares of resource firms and banks clawed back some of their recent losses, helping to boost U.S. crude for August by 47 cents to $77.01 a barrel at 0644 GMT (2:44 a.m. EDT) for a second straight day of gains.

Gold regained strength on Tuesday as jewelry makers resurfaced after the price dropped to its weakest in nearly two months, while investors looked to movements in other markets for further cues. A drop in Japanese shares also spurred buying from speculators, who are keeping an eye on U.S. corporate earnings and Federal Reserve Chairman Ben Bernanke's comments on the economy on Wednesday. Silver and palladium firmed, but platinum tracked equities lower.

Gold prices remained motionless in Asian trade Tuesday after hitting near two months low on Monday as traders looking for clues from other markets. Spot gold was seen trading at $ 1181.97 an ounce at 11.30 a.m Singapore time after hitting as low as $1,177.47 on Monday, the lowest level for a most-active contract since May 24

Oil jumped more than $1 on Monday, lifted above $77 per barrel by equities markets after U.S. stocks opened higher on Wall Street. The move, supported by early signs of improving oil demand, put oil on track to break three straight days of lower settlements on concerns about slowing economic recovery and gloomy consumer sentiment.

Gold fell more than 1 percent to a two-month low at $1,178.40 an ounce on Monday as sharper appetite for assets seen as higher risk, like equities and industrial commodities, dented the metal's appeal as a haven.

Even as the investors are busy replenishing their portfolios as and when the gold prices dip, it is time for them to take note of other areas like platinum. According to a report in Telegraph, the upside in platinum prices over the next few years could be better than gold, and the general consensus is that a buying opportunity is likely to present itself in the next two months.

Oil prices slipped below $76 a barrel on Monday as investors weighed a sharp drop in U.S. consumer sentiment against early signs of improved oil demand. Analysts said oil prices were moving in a range around $75 per barrel with ample support due to large drawdowns in U.S. crude oil stocks over the past three weeks.

After the Greece economic tragedy, its is the turn of Hungary to help gold prices go up. Following the failure of talks between Hungary government, IMF and the European Commission, the crisis in the European zone deepened and this has helped gold prices to go up. The IMF and the EU gave Hungary multibillion-dollar loans in late 2008 to help it recover from the financial crisis. The international lenders are now re-negotiating with the government.

Gold eased below $1,190 an ounce in Europe on Monday, extending the previous week's 1.5 percent fall, due to lower investment demand for the precious metal as appetite for other assets improved. Spot gold was bid at $1,189.55 an ounce at 1112 GMT, against $1,193.10 late in New York on Friday. U.S. gold futures for August delivery rose $2.00 an ounce to $1,190.20.

In a bid to encourage gold trading and build collaborative relationships for developing gold market in Saudi Arabia, the top leadership of the World Gold Council (WGC) will make its visit to the Kingdom state this week.

With the festival season nearing and the gold prices slightly falling, gold traders have returned to the bullion market and started stocking up the metal for the coming festival demand. Good fall in prices has led to good demand. There were deals at all levels from $1,200/1,190/1,186 (an ounce).

Decades of sanctions against Iran have stunted its economic development and the growth of its all-important oil sector. The international community, led by the United States, has made sanctions more and more stringent as Iran has refused to abandon its nuclear programme.

Gold eased in Asia on Monday after see-sawing most of the day as selling on low inflation signals gave way to safe-haven buying on concern over Hungary's debt crisis and a cut to Ireland's sovereign rating. But by late afternoon, bearish sentiment had again gripped the sector, sending bullion down by more than $2 an ounce.

Oil prices steadied near $76 a barrel on Monday, pausing from the previous session's decline, as investors weighed the sharp drop in U.S. consumer sentiment against early signs of improved underlying oil demand. Analysts said the marginal slide in oil prices shows that crude was receiving ample support above $74 a barrel, thanks to bullish inventory reports that showed large drawdowns in U.S. crude stocks over the past three weeks.

An unexpectedly sharp drop in a key consumer confidence index sent stocks plummeting on Friday and drove down prices for crude oil futures so that the benchmark contract finished the week virtually unchanged from last Friday.