Spot gold steadied on Friday after rebounding in the previous session, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
The U.S. economy will continue to grow at a modest pace as consumers and businesses pare back excessive amounts of debt, a top Federal Reserve official said.
Fed Chairman Ben Bernanke's much-anticipated speech Friday will likely disappoint investors and policy makers hoping for signs the central bank will try to rev up the weak economy, but the speech is likely to relieve gold investors who have booked big profits from that same economic malaise.
Copper climbed on Thursday underpinned by expectations of returning demand from top consumer China, but caution over measures that may be unveiled by the U.S. monetary authorities in yoming this week kept gains in check.
Gold prices tumbled for the past days, falling around 10 percent from its peak reached on Tuesday.
The euro inched up against the dollar on Thursday, tracking gains in European shares on speculation the Federal Reserve may signal more economic stimulus measures, but analysts saw the risk of a correction if such expectations are not met.
SPDR Gold Trust said its holdings fell 2.2 pct, in its biggest one-day drop in seven months, as gold futures slid more than $100 on strong U.S. economic data and ahead of a key Federal Reserve meeting.
World stocks edged up on Thursday while gold fell sharply as investors took an optimistic view of how clearly the Federal Reserve will commit to supporting the economy at a gathering this week.
Gold extended losses on Thursday to fall as much as $200 from Tuesday's record high, as investors cashed in scorching gains in the metal after the CME Group hiked trading margins for the precious metal for a second time this month.
Brent crude steadied around $110 a barrel Thursday, boosted by reduced U.S. crude stocks and positive manufacturing data but countered by economic growth uncertainties.
President Barack Obama is finalizing a jobs package that could include a program to refurbish school buildings nationwide and tax breaks to encourage firms to hire workers.
President Barack Obama is finalizing a jobs package that could include a program to refurbish school buildings nationwide and tax breaks to encourage firms to hire workers.
Stocks rallied for a second day on Wednesday as investors bought beaten-down financial shares and unloaded gold, but tech stocks could fall on Thursday after late news about Apple's Steve Jobs stepping down as CEO.
The big price drop Wednesday in the price of gold is not the beginning of a trend, say analysts, but rather a pause in a longer term bull market that has a lot farther to run.
Rick Perry surged ahead of Mitt Romney in a Gallup poll released Wednesday, underscoring how conservative the Republican presidential primary race has become.
If U.S. Federal Reserve Chairman Ben Bernanke needs any more evidence regarding the slowdown in the U.S. economic recovery, he need look no further than U.S. housing prices, which have fallen for 17 consecutive quarters
Central bankers and economists from around the globe will once again flock to the Federal Reserve's annual gathering in Wyoming this week, and once again will meet against the backdrop of volatile markets and the prospect of further Fed support for a struggling U.S. economy.
Toronto's main stock index was little changed on Wednesday morning as sliding gold prices and profit-taking after the previous session's big rally offset optimism over bank earnings and positive U.S. data.
Gold prices dropped on Wednesday and were headed for their biggest two-day loss since the peak of the financial crisis, while the dollar rose as investors bet a speech by the Federal Reserve chairman later this week will not reveal any major central bank initiatives.
Central bankers and economists from around the globe will once again flock to the Federal Reserve's annual gathering in Wyoming this week, and once again will meet against the backdrop of volatile markets and the prospect of further Fed support for a struggling U.S. economy.
The U.S. Federal Reserve used a non-competitive bid process when it secured middlemen services to maintain liquidity in the critical money-market fund market -- an emergency action necessitated by the financial crisis triggered by the collapse of Lehman Brothers.
Gold bounced back on Wednesday after suffering its worst setback in 18 months, as risk appetite retreated on Japan's debt rating downgrade, while oil and metals were supported by hopes the U.S. would inject fresh stimulus to boost the economy.
