U.S. stock futures rose 1 percent on Thursday after a sharp drop on Wall Street overnight, limiting losses in Asian share markets, though the focus was shifting to how Europe reacts to a sovereign debt crisis that is now threatening its banking system.
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The stock market spent Wednesday tormenting investors, knocking the Dow Jones Industrial Average down 519.83 points and slamming media stocks.
The euro fell to fresh five-month lows against the yen in Asia on Thursday and looked set to stay under pressure as worries about the euro zone sovereign debt crisis spread to the region's banking sector.
U.S. stocks tumbled more than 4 percent on Wednesday, almost wiping out gains from a relief rally the previous day, as rumors about the health of French banks sparked concern that the euro zone's debt crisis could claim new victims.
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Gold and silver prices settled higher Wednesday as investors extended their retreat from stocks and bid up the precious metals on fears that France's sovereign debt would be the next nation's credit to be downgraded.
Gold miner Endeavour Mining Corp's second-quarter profit rose, helped by higher production and sales as well as strong gold prices, sending its shares up 5 percent.
Gold is set to widen its premium over platinum after hitting parity for the first time in 2-1/2 years this week, with no end yet in sight to the potent cocktail of fear factors that are benefiting safe havens at the expense of cyclical assets.
Gold held steady on Wednesday, hovering near a lifetime high around $1,778 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the U.S. Federal Reserve's vow to keep rates near zero.
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Bank of America Merrill Lynch?s Global Commodity Research team announced that they?ve rebalanced their actively managed commodity indices in favor of non-cyclical commodities such as gold.
CME Group, which owns the Chicago Mercantile Exchange and the Globex electronic trading platform for trading futures and options, said Wednesday it hit a record volume in gold futures and options.
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Gold climbed to a third record in a row on Wednesday, extending its best rally since 2008 as a dive in French bank stocks sent new shudders through anxious financial markets, sending U.S. stocks skidding.
Gold hit fresh record highs on Wednesday as U.S. stock markets resumed their decline on concerns over the U.S. and euro zone economies, and after the Federal Reserve said U.S. interest rates would stay near zero for at least two years.
World shares regained some ground Wednesday after investors were comforted by the Fed's pledge to keep interest rates near zero for two more years. Despite this, losses on Wall Street ran rampant.
U.S. stocks took another tumble Wednesday, as fears of the weak global economy took hold.
Gold and silver prices rose Wednesday, but a falling stock market pulled down shares of silver mining companies and left gold mining company stocks mixed in midday trading.
Gold Resource Corp., which produces gold in southern Mexican state of Oaxaca, said Wednesday it swung to a profit in the second quarter on record output.
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Ukraine, whose government estimates it has 2,500 to 3,00 tons of gold, will start large-scale mining for the precious metal to cash in on "the radical growth of the world price of gold," the State Service of Geology and Mineral Resources of Ukraine said Wednesday.
