Gold near record, silver at 31-year peak on Libya
SINGAPORE, March 7 (Reuters) - Gold rose to near a record high and silver jumped to its highest in more than three decades on inflation worries triggered by rising oil prices as widening clashes in Libya deepened fears the country was on the brink of a civil war.
"If we do see tension escalating further, then we could witness a new high in gold. Besides Libya, I think investors will also be looking at other countries within the Middle East. The example will be Saudi Arabia," said Ong Yi
Oil hits 2-1/2 yr highs as Libya turmoil deepens
HONG KONG, March 7 (Reuters) - Crude oil prices rose to 2-1/2 year highs on heightened worries about supply disruption due to deepening unrest in Libya, while Asian stocks slipped as concerns about the Middle East and higher energy prices weighed on equities.
Asian markets have see-sawed following volatile oil prices in recent weeks, but the MSCI ex-Japan index is barely a percent away from a 2-1/2 year peak tested in January, indicating markets have been largely resilient to the Libyan crisis.
India commodity exchange trade to jump
MUMBAI, March 3 (Reuters) - Volumes on India's commodity exchanges could jump 20 percent in the year to March 2012, as banks and foreign institutions start trading and mini-contracts attract farmers to take part, the market regulator said.
Legislation to allow banks and foreign players onto India's markets should be cleared in July 2011, B.C. Khatua, head of the Forward Markets Commission (FMC), told Reuters in an interview late on Wednesday.
US data point to strengthening growth, jobs market
WASHINGTON, March 3 (Reuters) - The number of Americans filing new claims for jobless aid hit the lowest level in more than 2-1/2 years last week and service sector hiring picked up in February, signs the labor market recovery was quickening.
Another report on Thursday confirmed business productivity picked up a bit in the fourth quarter, but it also underscored a slowing trend that suggested employers may have to step up hiring even further.
Global PMI at 5-year high but upturn comes at a cost
LONDON, March 3 (Reuters) - Global businesses grew at their fastest pace in almost five years last month but also witnessed increasing price pressures, a purchasing managers' survey showed on Thursday.
The JP Morgan Global All-Industry Output Index, which combines manufacturing and services data, rose to 59.4 from January's 58.3, its highest reading since April 2006.
Emerging markets dash hits commodity funds -Lipper
LONDON, March 3 (Reuters) - Newly-launched commodity funds attracted over 1.8 billion euros ($2.50 billion) in Europe in 2010 but the sector as a whole suffered due to an investor dash for emerging markets products, Lipper FMI said on Thursday.
Total commodity funds had estimated net sales of 6.89 billion euros in Europe in 2010, mutual fund market research company Lipper FMI said in its annual review of the European funds industry.
CIC official: not heard of plans to buy Glencore stake
BEIJING, March 4 (Reuters) - A senior official at China's $300 billion sovereign wealth fund said on Friday that he had not heard of any plans for the fund to buy a stake in Glencore International AG, the world's largest commodities trader, which is aiming for a potential stock market listing.
Glencore's possible initial public offering could value it at about $60 billion and the deal could be a fee bonanza for investment bankers.
PRECIOUS-Gold rises towards $1,420/oz ahead of U.S. payrolls
LONDON, March 4 (Reuters) - Gold firmed in Europe on Friday, recovering some of the previous session's hefty losses as unrest in North Africa supported demand for the metal as a haven from risk, though moves were muted ahead of key U.S. payrolls data.
Spot gold was bid at $1,418.55 an ounce at 1046 GMT, against $1,415.59 late in New York on Thursday. U.S. gold futures for April delivery rose $2.50 to $1,418.90. Gold fixed at $1,418.00 an ounce at 1030 GMT.
FOREX-Euro pushes up on ECB view, payrolls awaited
LONDON, March 4 (Reuters) - The euro hit a four-month high against the dollar on Friday on expectations euro zone interest rates may rise next month, while investors waited to see if an expected improvement in U.S. jobs data would offer respite to the U.S. currency.
The euro edged up to $1.3977 on electronic trading platform EBS a day after European Central Bank President Jean-Claude Trichet stunned investors by saying a rate rise in April was a possibility in its drive to fight inflation risks.
Jobs, oil and rates vie for investor focus
LONDON, March 4 (Reuters) - Hopes of an improved U.S. employment picture lifted shares on Friday, but the prospect of higher interest rates in Europe and a rising oil price kept other world markets on edge.
"Any shortfall in the U.S. non-farm payrolls, or any flare-ups on the geopolitical front could see the risk appetite ebbing away once again," said Chris Weston, institutional trader at IG Markets.
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