Oil prices rose on Wednesday, recovering from the losing streak of the past six trading sessions, supported from an expected fall in crude oil inventories in the United States, the world's top energy consumer.
Taseko Mines Limited, based in Vancouver, challenged naysayers this week who are using a federal panel's review of the company's proposed gold-copper project in south-central British Columbia as reason not to support the plans.
Crude oil dipped on Wednesday, set to stretch its losing streak for the past six trading sessions, as global investors remained concerned that the world's economic growth was faltering.
When Reserve Bank of India bought 200 tonnes of International Monetary Fund (IMF) gold in November last year, the bullion market received one of the biggest boosts ever and the gold prices soared in the subsequent weeks to new record heights. Reason for this was that all central banks across the globe have been increasing their gold holdings fearing the recession looming large over the world.
Strong physical buying helped pluck gold from a 6-week low on Wednesday after China said bullion would not become a major investment home for its foreign exchange reserves.
The State Administration of Foreign Exchange said U.S. Treasury securities would remain an important market for the managers of China's official currency reserves, but gold would not become a major component of the central bank's portfolio.
Gold prices rebounded in Asian trade Wednesday after bargain buying strengthened its appeal amid euro recovery as it rose to near seven-week highs.
Gold for immediate delivery was seen trading at $1193.01 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,193.8 an ounce.
Gold erased early gains on Tuesday to tumble to a six-week low as selling precipitated by a sharp rebound in equities pushed the metal through key technical support levels near $1,200 an ounce.
Spot gold slipped as low as $1,189.55 an ounce and was bid at $1,192.00 an ounce at 10:09 a.m. EDT (1409 GMT), against $1,206.95 late in New York on Monday. U.S. gold futures for August delivery fell $14.80 an ounce to $1,192.90.
Gold rose back above $1,210 an ounce in Europe on Tuesday as physical demand for the precious metal recovered after last week's price dip, and as the weaker dollar encouraged some buying.
Spot gold was bid at $1,210.15 an ounce at 7:37 a.m. EDT (1137 GMT), against $1,206.95 late in New York on Monday. U.S. gold futures for August delivery firmed $2.30 an ounce to $1,210.00.
Immediately after the Tel Aviv Meet on Zimbabwe's blood diamonds, the world was abuzz with the diamond controversy.
Several newspapers carried articles on the blood diamonds and the Zimbabwe mine fields. Diamond jewelry is a powerful symbol of status and love, and a $72 billion-a-year retail business worldwide.
India's investors are slowly waking up to the reality that gold is a good investment option.
In fact, asset management companies' are increasingly trying to woo investors. An allocation to gold is a standard fixture in many of the recent new fund offerings and even a bullion fund which was launched recently.
Oil prices changed direction on Tuesday after several days of declines and rose to near $73 a barrel as rallying equities boosted expectations for the pace of global fuel demand growth.
U.S. crude for August delivery rose 85 cents to $72.99 a barrel by 0957 GMT (5:57 a.m. EDT), after earlier falling more than $1 to its lowest level in over a month.
Gold rose back above $1,210 an ounce in Europe on Tuesday as physical demand for the precious metal recovered after last week's price dip, and as the weaker dollar encouraged some buying.
Spot gold was bid at $1,210.85 an ounce at 0952 GMT (5:52 a.m. EDT), against $1,206.95 late in New York on Monday. U.S. gold futures for August delivery firmed $3.90 an ounce to $1,211.60.
Gold rose slightly on Tuesday after a recent drop in prices spurred buying from jewelers in Asia, but a firmer U.S. dollar and volatile stock markets could prompt speculators to sell bullion to cover losses.
Gold's failure to revisit a recent record could also spur some selling, though dealers expected jewelers to snap up the metal at lower levels. Platinum fell to its weakest since late May on lower equities, while palladium saw bargain buying after recent declines.
Oil reversed early losses, rising more than $1 from Tuesday's trough, as the dollar tumbled and Asian stock markets rebounded amid easing concern about the slowdown in the global economic recovery.
U.S. crude for August delivery climbed 44 cents to $72.58 a barrel by 0731 GMT (3:31 a.m. EDT), after earlier falling as much as $1.05 to $71.09 a barrel, its lowest since June 8 and down 1.5 percent from Friday's settlement.
Gold prices eased further in Asian trade Tuesday as the dollar strengthened against the euro amid weak equity markets.
Gold for immediate delivery was seen trading at $ 1205.89 an ounce at 12.00 noon Singapore time while U S gold futures for August delivery was at 1206.02 an ounce.
Till now Zimbabwe was the main country which has been drawing flak from across the world for the blood diamonds from its now infamous Marange diamond fields. But now, super model Naomi Campbell is in the eye of a storm for accepting blood diamonds as gift.
Internecine civil wars are underway almost everywhere within the West, and most virulently in the United States of America. They are not yet kinetic wars, but wars of grinding prepositioning, the kind which lead to foregone conclusions without a shot being fired. They are wars of survival, nonetheless, because the basic architecture for national strength is being altered incrementally or dramatically. And, in many cases, consciously.
If you ask who controls the gold business in India, the only answer is Gujaratis. In India, bullion market is totally under the control of Gujaratis whether it is in Mumbai or Delhi.
Platinum and palladium prices are largely depending on the auto markets of China and India.
This is because these two countries now drive the auto sales across the globe and with the increase in car sales, platinum and palladium demand is also expected to rise. Both these metals are used in catalytic converter applications in automobiles.
Gold prices fell sharply after testing all-time highs recently with the market going below the psychological $1,200 an ounce in the international market. The fall erased gains of last several weeks. On Friday, in London, gold PM Fix was at $1,201.50/oz, down from $1,234/oz the previous day. Silver followed suit with Friday AM Fix at $17.98/oz, down from $18.65/oz the previous day.
Oil edged higher above $72 a barrel on Monday, rebounding from a 3-week low, but gains were capped by lingering concerns over slowing global economies and future demand for fuel.
U.S. crude for August climbed as much as 56 cents to $72.70 a barrel on Monday and was up 27 cents at $72.41 by 4:50 a.m. ET.
Gold ticked up on Monday after a drop in the U.S. dollar spurred bargain hunting, with firmer stock markets helping investors shrug off a slight decline in ETF holdings.
Jewellers were on the sidelines after buying heavily on Friday, when bullion fell to a five-week low. With U.S. investors away for a holiday, the metal was likely to trade in a tight range of $1,210 to $1,215 an ounce.
Oil rebounded from three-week lows on Monday, staying above $72 as the market assessed the implications of a slowing global economic recovery on energy use.
Rising stock markets in Asia prompted participants to cover short positions in a trading session where volumes were expected to be thin because of the U.S. Independence Day holiday.
Crude oil futures dipped on Friday, reversing gains made after the market interpreted U.S. employment data as slightly more positive for economic growth than expected.
The first quarter of the current financial year 2011 has almost reminded of the nightmarish experience of the global melt down of 2008-09 that had beleaguered the equity markets and commodity prices world over. The three months ending June 2010 has seen metal prices plunging down to their recent lows, wearing away hopes of the investors to draw fair return on their investments.
In a blow to Indian jewelers, the US has stopped the duty-free status for gold necklaces from India as the product was found to be competitive in US markets.
Earlier, US used to allow duty-free status to certain products from developing countries to help them expand their economies. Other items that have been struck off the duty-free list are passenger tyres from Thailand and wood flooring from Brazil.
Gold rebounded 1 percent in Europe on Friday as physical buyers in particular took advantage of the previous day's price fall to buy into the market, with traders now looking ahead to a key U.S. jobs report due later.
Religare Enterprises Ltd (REL) has entered the standardized branded gold coin market and announced the launch of 'Swarna Mudra' gold coins & bars, which will be distributed through Religare Bullion Ltd.
The gold coins are manufactured and certified according to international standards by MMTC for 999 quality guarantee and will be available in denominations of 2, 5, 8 and 10 gms.
Oil was steady around $73 on Friday, near 3-week lows after a spate of weak manufacturing data renewed worries about slower global economic growth ahead of a key U.S. jobs report.
Manufacturing growth cooled around the world in June, reports from China, Europe and the U.S. showed on Thursday, adding to evidence that the global economic recovery is losing steam.
Gold prices rebounded in Asian trade Friday mainly on bargain buying and euro's recovery against the dollar.
Gold for immediate delivery was seen trading at $ 1206.39 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,207.3 an ounce.
