MARKETS / FINANCE

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.

The dollar hovered within sight of a 15-year low versus the yen on Wednesday after the Federal Reserve announced plans to boost a flagging economy by reinvesting money from maturing mortgage bonds in government debt. The move did not come as a complete surprise to the market but it marked a policy shift for the Fed, which only a few months ago debated how to start winding down some of its monetary stimulus programmes.

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.

The dollar edged toward a 15-year low against the yen on Wednesday after the Federal Reserve moved to bolster the weakening U.S. economy, while technology plays dragged Asian stocks lower.

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.

The dollar edged toward a 15-year low against the yen on Wednesday after the Federal Reserve took a step to try to bolster the fragile U.S. recovery, while technology plays dragged Asian stocks lower.

The Federal Reserve on Tuesday took a small but significant step to counter a weakening U.S. economic recovery, saying it would use cash from maturing mortgage bonds it holds to buy more government debt.

The campaign for New York state attorney general -- a job that includes being the sheriff of Wall Street -- is opening up now that the front-runner has been shaken by admissions of drug use and failing to vote.

The Aussie dollar traded lower yesterday dropping from 0.9160 to an Asian session low of 0.9105 following a disappointing NAB Business survey and Chinese Trade data which soured sentiment towards growth in the region.

The Australian Dollar continued to be sold off late yesterday and into the evening trading session ahead of the widely anticipated FOMC Meeting overnight.

Streaming and mail-in rental company Netflix Inc has reached an exclusive deal for online rights that allows its members to watch new films from the three studios that own the Epix pay TV channel.

Business productivity fell for the first time in 1-1/2 years in the second quarter and labor costs hardly rose, underlining the halting pace of economic recovery.

Research In Motion has agreed to hand over user codes that would let Saudi authorities monitor its BlackBerry Messenger, as it seeks to stop the kingdom from silencing the service, a source close to the talks said on Tuesday.

The Federal Reserve on Tuesday took a small but significant step to counter a weakening U.S. economic recovery, saying it would use cash from maturing mortgage bonds it holds to buy more government debt.

Stocks fell on Tuesday but closed off their lows after the Federal Reserve said it would take new steps to counter a weak recovery.

Stocks ended lower on Tuesday, but well off their lows, after the Federal Reserve said it would take new steps to counter a weak recovery. The Dow, which was down about 100 points before the Fed's announcement, briefly turned positive before buying waned on the Fed's more pessimistic assessment of the economy.

The United States faces a rising risk of deflation that could bolster prices of safe-haven U.S. government bonds, while hurting the prices of real estate and stocks, the world's biggest bond fund management company said on Tuesday.

Buyout firm Kohlberg Kravis Roberts & Co said on Tuesday it expects to start fundraising for its next private equity fund sometime in the next few quarters.

South Korean police raided Google Inc's Seoul office on Tuesday, the latest in a series of legal challenges the company is facing because of data collected by its controversial fleet of Street View cars.

Stocks cut losses on Tuesday after the Federal Reserve announced measures designed to boost the sluggish economic recovery.

The Federal Reserve on Tuesday said it would begin funneling proceeds from its maturing mortgage bonds into longer-term government debt in an effort to support a sputtering economic recovery.

Stocks declined on Tuesday due to investors' uncertainty whether the Federal Reserve will announce action to boost the U.S. economy as the recovery appears to be losing steam.

BlackBerry maker Research In Motion has agreed to hand over coveted codes to users' phones to try to avert a ban on its Messenger service in Saudi Arabia, an industry source familiar with the talks told Reuters on Tuesday.

U.S. stocks declined on Tuesday due to investors' uncertainty whether the Federal Reserve will announce action to boost the U.S. economy as the recovery appear to be losing steam.

U.S. business productivity fell for the first time in 1-1/2 years in the second quarter and labor costs hardly rose, according to government data that underlined the halting pace of economic recovery.