Thursday, 16 May 2013 01:34
Posted by Imaduddin
NEW YORK/LONDON: Gold slid below $1,400 an ounce on Wednesday, losing two percent and hitting its lowest in nearly a month as a record rally in US equities and economic optimism undermined bullion's safe-haven appeal.The metal fell for a fifth straight session for its longest daily losing streak since January 2011 as the S&P 500 hit a new all-time high and Wall Street has risen for four consecutive sessions."There is no reason to own gold as long as people keep on putting money into the stock market. You can see it everywhere that the economy is turning around," said Comex gold options floor trader Jonathan Jossen.A pause in strong physical demand after news India restricted imports to cut trading deficit also weighed on gold.Spot gold dropped as much as 2.5 percent to $1,390.24, its lowest since April 19. It was down 2 percent at $1,396.94 an ounce by 2:09 p.m. ...
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NEW YORK/LONDON: Gold slid below $1,400 an ounce on Wednesday, losing two percent and hitting its lowest in nearly a month as a record rally in US equities and economic optimism undermined bullion's safe-haven appeal.The metal fell for a fifth straight session for its longest daily losing streak since January 2011 as the S&P 500 hit a new all-time high and Wall Street has risen for four consecutive sessions."There is no reason to own gold as long as people keep on putting money into the stock market. You can see it everywhere that the economy is turning around," said Comex gold options floor trader Jonathan Jossen.A pause in strong physical demand after news India restricted imports to cut trading deficit also weighed on gold.Spot gold dropped as much as 2.5 percent to $1,390.24, its lowest since April 19. It was down 2 percent at $1,396.94 an ounce by 2:09 p.m. ...
CHICAGO: Wheat futures on the Chicago Board of Trade fell 2.4 percent to a two-week low on Wednesday in reaction to technical selling, a stronger US dollar and lackluster exports of US grain, traders said.Soybeans fell on chart-based selling and monthly data showing a slower-than-expected US soybean crushing pace.Corn was pulled down by soy and wheat in thin trading, along with favourable US planting weather, but the lead July contract was underpinned by strong cash ...
NEW YORK: US stocks opened slightly higher Tuesday after a solid improvement in small-business confidence.Five minutes into trade, the Dow Jones Industrial Average added 15.50 (0.10 percent) to 15,107.18.The broad-based S&P 500 rose 3.44 (0.21 percent) to 1,637.21, while the tech-rich Nasdaq Composite Index increased 6.70 (0.19 percent).The National Federation of Independent Business's Small Business Optimism Index rose 2.6 points in April to 92.1, above the recovery average of 90.7.Meanwhile fresh data from the Department ...
NEW YORK: Crude oil prices settled lower on Monday after a choppy day of trading, hit by slowing oil demand in China and data showing the biggest drop for US retail gasoline sales in more than four years.Positive US retail sales data supported the idea that the US economy was continuing to recover but it did not apply to gasoline sales, underscoring ailing demand for the fuel. The retail data also strengthened the US dollar, ...
CHICAGO: US corn futures advanced on Monday on firm cash markets and concerns that another round of showers would stall planting late this week in the US Midwest, where producers are scrambling to catch up after a cool, wet spring delayed field work."We'll definitely see pretty healthy plantings the first half of this week, then delays again beginning next weekend," said John Dee, meteorologist for Global Weather Monitoring.Wheat rose too, rebounding from losses on Friday ...
WINNIPEG: ICE Canada canola futures rose early on Friday in thin volume, as traders awaited a US Department of Agriculture (USDA) report.USDA to release its first official US 2013 production forecasts for wheat and other crops at 11 a.m. CDT (1600 GMT).* Short-covering and routine exporter buying seen supporting canola, with new-crop November's gains limited by the start of planting in Western Canada.July canola gained $1.10 to $607.90 per tonne on volume of 165 contracts ...
