Singapore: Gold neared its highest level in more than two weeks on Monday, but gains may be capped by a rally in equity markets and promising US jobs data that dampened speculation the Federal Reserve may boost monetary stimulus.
Bullion has slipped almost 12 per cent so far in 2013, having posted annual gains in the past 12 consecutive years as easy monetary policy prompted investors to buy the precious metal to hedge against inflation and economic uncertainties.
Gold added $5.36 an ounce to $1,475.56 by 0317 GMT due to a stronger euro. It hit a high of $1,487.80 on Friday; its highest since April 15, on safe-haven buying spurred by a cut in interest rates by the European Central Bank and the Fed's decision to stick to its stimulus programme.
"The market is trying to test $1,487 and it has been tested twice. That might be the reason why the market is pushing up. On the other hand we have a slight improvement in funds holding of gold," said Joyce Liu, an investment analyst at Phillip Futures, referring to a report from the Commodity Futures Trading Commission (CTFC)....
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05:48 PM, Nov 27, 2012
Singapore: Gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant. The Fed had room to deliver additional monetary stimulus to stoke economic growth, said the central bank's chief Ben Bernanke, boosting anticipation for easier monetary policy, which would lure investors to gold, a hedge against inflation as a result...
09:51 AM, Aug 27, 2012
Frankfurt: The European Central Bank cut its benchmark interest rate to a record low Thursday to spark economic growth but gave little sign it would take further action soon to ease Europe's financial crisis. By cutting its key refinancing rate by a quarter percentage point to 0.75, a move that was widely expected, the ECB sought to give Europe's sagging economy a lift by making it cheaper for businesses and...
07:33 AM, Jul 06, 2012
Frankfurt: The European Central Bank cut interest rates to a record low on Thursday to breathe life into a deteriorating euro zone economy and back up measures agreed by government leaders last week to tackle the bloc's debt crisis. The quarter-point cut in the ECB's main refinancing rate to 0.75 per cent was in line with market expectations and followed a dire batch of economic data that show even euro...
06:24 PM, Jul 05, 2012
Brussels: Under pressure to prevent a catastrophic breakup of their single currency, Eurozone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. They also pledged to create a single banking supervisor for Eurozone banks based around the European Central Bank in a landmark first step towards a European banking union that...
08:54 AM, Jun 30, 2012
Mumbai: The market closed on a flat note looking cautious ahead of the second tranche of long term refinancing operation (LTRO) by European Central Bank to be announced after 15:45 hours IST. The market was quite strong since morning, but disappointing FY12 Q3 GDP data and cautious mood ahead of LTRO spoiled the bulls' party in last couple of hours of trade. The Sensex touched an intraday high of 18,001.35...
09:05 AM, Feb 29, 2012
Brussels: Euro zone finance ministers agreed a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses. The complex deal wrought in overnight negotiations buys time to stabilize the 17-nation currency bloc and strengthen its financial firewalls, but it leaves deep doubts about Greece's ability to recover and avoid default in...
06:05 AM, Feb 22, 2012
Brussels: Eurozone finance ministers approved on Tuesday a second bailout for debt-laden Greece that will resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy. After a marathon 12 hours of talks through the night, euro zone officials said ministers had agreed measures to cut Greece's debt to around 121 per cent of gross domestic product by 2020, close to their original target of 120, after...
10:03 AM, Feb 21, 2012
Strasbourg: Europe is an a "very grave" economic situation, European Central Bank President Mario Draghi said on Monday, but he added that euro zone governments are progressing well with efforts to put their finances in order. Speaking in his capacity as head of Europe's recently created financial system super-watchdog, Draghi added that markets had to a large extent anticipated Standard and Poor's downgrade of a slew of euro zone countries...
09:39 AM, Jan 17, 2012
Rome: Technocrat leaders in Italy and Greece rushed to form governments as they sought to limit the damage from the euro zone debt crisis on Monday, and the euro climbed on relief that a key Italian bond auction drew decent demand from investors. The president of Italy asked former European Commissioner Mario Monti on Sunday to form a government to restore market confidence in an economy whose debt burden is...
06:15 PM, Nov 14, 2011
Athens: Former European Central Bank vice-president Lucas Papademos will head Greece's new crisis coalition, the president's office said on Thursday, charged with saving the country from default, bankruptcy and an exit from the euro zone. The coalition will be sworn in on Friday, an official in the president's office said. Papademos, a respected figure in European capitals and on financial markets, will lead a national unity government that must sign...
06:31 PM, Nov 10, 2011
Frankfurt: The European Central Bank cut interest rates by a quarter point to 1.25 per cent in a surprise move on Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi's first policy meeting in charge. The move gave an immediate boost to stock markets, which will be looking for any signal at Draghi's first post-policy meeting news conference on whether the ECB is ready to...
06:49 PM, Nov 03, 2011
New York: World stocks fell for an eighth day on Friday, with around $2.5 trillion wiped off the value of global equities this week, but hopes the European Central Bank will buy the bonds of Italy's heavily indebted government helped lift markets off the lows of the day. Better than expected US monthly employment data also provided some Wall Street stocks with some support in a heavily traded session a...
07:30 AM, Aug 06, 2011
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