COMMODITIES

Gold prices rose to a record high at $1,264.90 an ounce in Europe on Monday as a slip in the dollar added impetus to the metal's existing rally on the back of rising concerns over financial and sovereign risk.

Till now the bullion world used to believe that only China is secretive about its gold reserves and other nations are giving out the data properly tom the world. But, now it has emerged that even Saudi Arabia has been hoarding gold for the past year and its reserves have gone up substantially.

Crude prices rose 2.2 percent on Monday to the highest since early May after China vowed to allow a flexible yuan exchange rate, raising expectations of higher petroleum imports by the world's second-largest oil user.

Gold continued its upward streak to touch a new all high on Monday due to China's decision to allow flexibility in Yuan that pushed yellow metal to $ 1262.5 per ounce.

When we talk about Afghanistan, the first picture we get is Taliban and Osama bin Laden. But Afghanistan has a different face too. It is one of the richest nations as far as minerals are concerned.

The high prices of gold is threatening several families in a different way. According to reports, the Cambodian government has threatened to burn homes of almost 100 families who are living at the site of a gold deposit recently discovered by an Australian mining company.

BP is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London's Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

Gold prices are set for yet another bull run on the back of concerns running high about European economy and investors rushing for gold under haven buying. The movement well understood when most of the investors opined that gold persist as the most safe investment instrument above all commodities and equities.

As excitement mounts over the ongoing World Cup in Johannesburg, more than 2,000 residents formerly without access to electricity can plug into the soccer competition at 36 solar-operated television viewing points that SolarWorld has installed in remote African villages.

Once engorged to peak levels, the sugar prices have recently bottomed out at ten-month low levels on weak demand due to monsoon season and anticipation of higher-than-expected sugar production this year trimming the gains of the sugar stocks on the bourses.

It was a week of rise and rise for gold as the precious metal scaled new heights by gaining strength from the safe haven buying. And, it seems there is no end to the gold rally as the metal is expected to cross new barriers in the coming week.

According to World Gold Council (WGC) figures, India has retained its position as world's largest gold consumer in the first quarter owing to a 49 percent recovery in demand, thanks to peak wedding and festival season. Gold imports stood at 739 tonnes during the period April 2009 - March 2010.

Crude oil futures held on to strong gains for the week in lackluster Friday trading, after higher-than-expected inventories earlier in the week threatened to cut short the rally. At the same time, with the front-month July contract set to expire on Tuesday, analysts didn't see much incentive for prices to move above current levels next week.

Majority of the investors who took part in the 2010 Resource Investor Survey felt that gold prices will reach $1500 by end of 2010, according to Dig Media Inc. Dig Media recently conducted its Resources Investing News 2010 Survey to gauge the interests of its readers and gain insight into investors' perception of the markets.

Antwerp World Diamond Centre elections witnessed an Indian onslaught this week when they swept the polls held on Wednesday. AWDC is the governing body of Antwerp's diamond trade, presiding over a multibillion dollar business that accounts for nearly 10 per cent of Belgium's exports.

Gold held within reach of record highs in Europe on Friday as buyers looked to it as a haven against persistent fears of sovereign risk in Europe and after lackluster U.S. data raised doubts over wider economic recovery.

Oil prices fell more then $1 per barrel on Friday, retracing after sharp gains, on signs economic growth in the world's top two oil consumers may not be as rapid as expected. A Chinese central bank adviser said on Friday economic growth was expected to slow in the second half of this year and that double-digit growth for the full year seemed unlikely.

With gold prices soaring to new heights, people are lining up to sell off their old gold at jewellery shops. But Britain is witnessing a strange phenomenon with jewellery shops fleecing many customers.

Even though demand for gold witnessed a fall in India due to the high prices, gold exchange traded funds (ETFs) are going strong still. In fact gold ETFs are expected to see an upward trend on the back of uncertainties in the global financial system.

Gold held steady near an all-time high on Friday after a rise in physical gold holdings supported by a weaker dollar and persistent worries about Europe's fiscal outlook.

U.S. crude futures extended losses on Friday as sluggish economic indicators raised doubts about the sustainability of a recent acceleration in demand growth by top oil consumer the United States.

Gold prices remained near record high in Asian trade Friday as investors continued to trust the precious yellow metal amid Europe's financial crisis. Gold for immediate delivery was seen trading at $1244.84 an ounce at 11.30 a.m Singapore time after hitting as high as $1248.35 in early trade.

Oil recovered from earlier losses and rose toward $78 a barrel on Thursday, as concern over Spain's public finances eased in global markets following the results of its well-covered bond auction.

Oil trimmed earlier losses and was trading above $77 a barrel on Thursday, as anxiety over Spain's public finances eased in global markets following the results of its well covered bond auction.

The recent gold surge has increased the prospects of gold financers to get outside funding in the form of private equities to carry forward their expansion plans.

It looks rising price of gold is leading to a decline in the export of gold jewellery exports from India. Gold jewellery exports plunged 36.44 percent (40 percent rupee term) over the comparative figure of US$ 732.11 million (rupees 3,552.92 crores) for May 2009.

Oil retreated by 0.8 percent toward $77 on Thursday, slipping from its highest since early May, as the pace of demand growth was questioned following mixed economic and inventory data from top consumer the United States.

Gold firmed to near a one-week high on Thursday as the euro struggled to sustain gains and shares slipped on uncertainty over the pace of economic recovery in the United States.

Changing scenarios in Zimbabwe did not prevent so called companies from sidelining it as TWP Investments has pulled out of a gold plant project citing the country as too risky.