Gold's high prices have come as a godsend for diamond jewellery sector as more and more people are now opting for the sparklers.
Oil extended losses below $78 a barrel on Wednesday after U.S. industry data showed a surprise jump in crude and gasoline stocks, and investors looked to government figures later in the day for confirmation.
Veteran hedge fund manager Bill Browder is buying commodities and the companies that produce them in emerging markets to profit from what he called a looming crisis in the world's major currencies.
China recently agreed to make yuan flexible by ending its peg to the dollar. This move was welcomed by several nations, including India.
Stock index futures rose on Wednesday after the previous day's tumble with the Federal Reserve expected to reassure investors it won't move too soon on its tightening policy.
If the outsized moves in the Chinese yuan this week were anything to go by, China is taking a significant step toward achieving its dream of becoming a global financial center by 2020.
Stock index futures rose on Wednesday after the previous day's tumble as investors expect a statement from the Federal Reserve's rate-setting committee that it will keep interest rates exceptionally low for an extended period.
China's yuan eked out a tiny gain on Wednesday after its biggest swings since 2005 earlier this week, suggesting Beijing's promise of currency flexibility will not produce the rapid gains its trading partners would like.
Slowly, gold import is picking up momentum in India with the Diamond India (DIL), formed by 58 diamond manufacturers for the direct import of rough diamonds, announcing that it will import around 100 kg of gold in July.
In an attempt to better regulate its gold market, South Korea said Wednesday it will open a gold exchange inside its main bourse in January 2012.
The yuan CNY=CFXS closed slightly higher on Wednesday after the central bank nudged the mid-point higher, but dollar buying by state-controlled banks suggested that officials were trying to keep currency gains in check.
Is Zimbabwe's negative image of producing blood diamonds a result of falsified documents? It is now alleged that a person heading a non-governmental organisation had created false documents regarding human rights violations in Chiadzwa diamond fields and gave it to Kimbler Process. Zimbabwe's high court has refused bail to a man accused of jeopardizing the country's ability to trade diamonds on the international market, prosecutors say.
The European Union formally requested in a letter on Wednesday that the world's largest economies explore the introduction of a global tax on financial transactions.
Writing to the G20 before a summit in Toronto on June 26-27, Herman Van Rompuy, the president of the EU Council which represents EU member states, said the world needed a level playing field on bank levies and transaction taxes.
Nepal's central bank, Nepal Rastra Bank (NRB) has increased the quota of gold import by an additional 10 kg a day to 20 kilogram per day till July 7.
Gold prices continued to trade higher in Asian trade Wednesday mainly on weak equity markets while ETF holdings rose to another record.
Gold for immediate delivery was seen trading at $1240.24 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1240.18 an ounce.
Stock index futures pointed to a stronger start for U.S. equities on Wednesday, rebounding from a fall in the previous session when stocks suffered due to weak housing data.
European and Asian stocks fell on Wednesday as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
Asian stocks slid on Wednesday and European markets were expected to follow suit as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
The euro held steady on Wednesday but remained vulnerable as a recent risk rally appeared to have run its course and on concerns about the euro zone banking system.
A sharp fall in U.S. stocks .SPX the previous day and a subsequent drop in the Nikkei .N225 helped support the dollar and the yen, which are favoured when risk aversion spikes and doubts over the health of the global economy emerge.
Oil prices fell for a second day on Wednesday, as much as 1 percent, on unexpected gains in U.S. crude and gasoline stocks in an industry report, while weak U.S. home sales drove equities lower and dampened risk appetite.
Gold edged up on Wednesday, tracking an increase in ETF holdings as investors sought a safe haven from sliding stock markets and worries about the pace of global economic recovery.
The dollar and the yen were broadly steady on Wednesday while the euro and high-yielders were on the defensive as a recent risk rally appeared to have run its course and the euphoria from China's new yuan policy waned.
The yuan CNY=CFXS inched up on Wednesday after the central bank nudged the mid-point higher, but dollar buying by state-controlled banks suggested that officials were trying to keep currency gains in check.
Asian stocks slid on Wednesday as an unexpected fall in U.S. home sales added to worries about the fragility of the global economic recovery and optimism over China's promise to make the yuan more flexible faded further.
The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.
China is only three days into its new era of currency flexibility yet it has already succeeded in puncturing market hopes for a money-making surge in the yuan, leaving investors resigned to a glacial rise at best.
The Australian dollar lost ground overnight falling a cent to USD0.8700 in a volatile offshore trading session following weaker US housing data and concerns over Europe.
Barclays Plc chief executive said on Tuesday that he would not have recommended the purchase of Lehman Brothers' core U.S. brokerage business if the deal did not show a gain for Barclays, or at least an even exchange.
The Aussie broke past 0.8850 US early offshore last night after China's announcement saw commodities prices climb to a five week high.
China appeared to engineer a fall in the yuan on Tuesday to make clear that its newly flexible currency was not a one-way bet to appreciate, as markets reflected waning optimism over Beijing's new policy.
