Europe Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/commodities/europe.html Sat, 25 Oct 2014 22:06:23 +0000 SRA Framework 2.0 en-gb EU wheat retreats with Chicago after touching 6-week high http://www.brecorder.com/markets/commodities/europe/201581-eu-wheat-retreats-with-chicago-after-touching-6-week-high.html http://www.brecorder.com/markets/commodities/europe/201581-eu-wheat-retreats-with-chicago-after-touching-6-week-high.html imagePARIS: European wheat prices fell back in late trade on Friday as traders booked profits after U.S markets failed to hold a six-week high touched earlier in the day.

By 1520 GMT, benchmark January on Paris-based Euronext milling wheat futures was down 1.70 euros, or 1 percent, at 167.75 euros a tonne after touching a six-week high of 172.25 euros in earlier trade.

Chicago front-month December wheat was down 0.5 percent lower to $5.24-1/4 per bushel after touching a six-week high of $5.39-1/4.

"Prices have risen quite a lot this week, maybe too much, so people are cashing in their profit before the weekend," a trader said.

Despite the late fall, European wheat was still on track to book a weekly gain of 2 percent.

Prices received some long-term support from forecasts that Russia's grain crop may shrink by up to 14 percent in 2015 from near-record levels this year due to a lack of moisture in the soil after a hot and dry summer.

Consultancy SovEcon said the wheat crop in Russia, one of the world's largest exporters, may fall below 50 million tonnes, compared with an estimate of 59 million tonnes this year.

"This would be a time-bomb," a European trader said.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Fri, 24 Oct 2014 16:03:37 +0000
Gold edges up but set for weekly loss on dollar, data http://www.brecorder.com/markets/commodities/europe/201512-gold-edges-up-but-set-for-weekly-loss-on-dollar-data.html http://www.brecorder.com/markets/commodities/europe/201512-gold-edges-up-but-set-for-weekly-loss-on-dollar-data.html imageLONDON: Gold inched up on Friday as European shares fell but was set to close down for the week due to a firm dollar and robust economic data that dented demand for the metal as an insurance against risk.

Spot gold was up 0.1 percent at $1,233.10 an ounce by 1157 GMT, after slipping more than 1 percent in the previous two sessions. US gold futures were up 0.3 percent at $1,233.00 an ounce.

Following two weeks of gains, the metal was headed for a weekly loss of around 0.5 percent, depressed by the rebound in the dollar. "A better run of US data has calmed nerves about the wider economy, and that has put pressure on gold in the past few days, as it had been enjoying a safe-haven bid," Macquarie analyst Matthew Turner said.

"This could continue next week as we don't think there is going to be any substantive change of direction from the Federal Reserve, meaning QE (quantitative easing) will come to an end."

The dollar was down 0.1 percent against a basket of major currencies, but was set to post a near 1 percent rise for the week after two weeks of declines.

Strong global economic data on Thursday calmed investor nerves after a recent sell-off, prompting many to pull out of gold and other assets perceived as safe.

The next main market focus will be on the Federal Reserve's meeting on Tuesday and Wednesday. The consensus view is that the US central bank will decide to wrap up asset purchases under its third round of quantitative easing. Clues are awaited on the timing for its first interest rate increase.

The Fed had been expected to raise rates in mid-2015, but concerns about the global economic recovery increased speculation in recent weeks about a possible delay.

EBOLA CONCERN

Gold has benefited in the years after the 2008 financial crisis from low interest rates and increased central bank liquidity.

The metal was helped by a fall in European shares on Friday as investors fretted about news that a doctor who recently returned to New York from West Africa had tested positive for Ebola.

Holdings in SPDR Gold Trust, the world's top bullion exchange-traded fund, fell to their lowest since late 2008 this week in a sign of lingering bearish sentiment in the bullion market.

The fund this week recorded its biggest daily percentage drop in holdings in a year, despite a price jump to a six-week high.

However, the metal was supported by a jump in sales in India during the festivals of Diwali and Dhanteras.

India is the world's second-biggest consumer of gold behind China.

Among the other precious metals, spot silver rose 0.4 percent to $17.21 an ounce.

Platinum was up 0.2 percent at $1,251.50 an ounce, while palladium rose 0.8 percent to $783.25 an ounce, making it the week's best performer among precious metals with a 4 percent jump. "For the moment it looks like palladium is the favoured metal out of the precious four," MKS Group said in a note.

"Supply concerns out of Russia and rumours of stockpiling are helping a positive technical scene on the charts."

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Fri, 24 Oct 2014 12:35:22 +0000
Copper, base metals fall on Chinese house price weakness http://www.brecorder.com/markets/commodities/europe/201509-copper-base-metals-fall-on-chinese-house-price-weakness.html http://www.brecorder.com/markets/commodities/europe/201509-copper-base-metals-fall-on-chinese-house-price-weakness.html imageLONDON: Copper, aluminium and other base metals lost ground on Friday after Chinese house prices fell for a fifth straight month, highlighting concerns about economic growth in the world's biggest metals consumer.

"Anything that on a short-term basis that indicates softness in the Chinese property sector is going to be a concern, but I wouldn't overplay one data point," said Nicholas Snowdon, metals analyst at Standard Chartered.

"It certainly remains an environment where there's this tension between relatively constructive micro fundamentals for base metals, versus concern about the macro economic picture."

The fall in Chinese home prices in September wiped out gains scored in the past year, raising expectations the government will have to implement more economic support measures to cushion the blow.

China's economy is likely to grow at its slowest pace in 24 years this year and will cool further in 2015, weighed down by a cooling property sector and factory over capacity and as top leaders push structural reforms, a Reuters poll showed.

Three-month copper on the London Metal Exchange slipped 0.4 percent to a session low of $6,669 a tonne, before trading unchanged in official open outcry activity at $6,695. It gained around 1 percent in the previous session.

LME copper prices were set to advance by 0.9 percent for the week in their biggest weekly rise since late August.

Prices have steadied as Chinese copper demand has shown a slight improvement this month on the back of orders from manufacturers ahead of the Christmas and Lunar New Year sales season, traders said. That, and tentative signs of economic growth have broadly provided some support to metals prices.

"We have had some positive drivers in the past few days. Better-than-expected earnings in the United States, Germany's PMI," said analyst James Glenn of National Australia Bank in Melbourne.

ALUMINIUM

Among other metals, LME aluminium failed to trade in official rings and was last bid down 1.2 percent at $1,964 a tonne, trading below a one-month high of $2,015.75 hit midweek. Prices have been supported by tight supply after a swathe of capacity closures.

"The aluminium market remains very tight, that's one where people expect prices to be well supported going into next year," said Snowdon.

LME cash aluminium traded at a $3.50 per tonne discount to three month prices , against a discount of $32.50 at the start of the month, indicating shortages of nearby material.

"Reflecting nearby supply stress in aluminium, cash prices are trading at their narrowest discount since late August against three-month prices," Triland Metals said in a note.

LME zinc dipped 0.1 percent to $2,258 a tonne in official rings, but Shanghai zinc climbed 1.1 percent, underpinned by a shortfall in China's domestic supply of the metal.

Physical zinc in China is trading at a high premium over the Shanghai December contract "which probably gives support to the assumption that supply is tight", an analyst at a hedge fund in China said, adding that LME zinc prices were still too high to encourage imports.

Shanghai zinc stockpiles fell 4,090 tonnes to 143,206 tonnes, the lowest in five years, while the futures curve was showing signs of stress, with cash prices having traded at a premium against third month prices for the past month.

LME lead fell 0.6 percent in official trading to $2,018 a tonne. Nickel and tin failed to trade in official rings. Tin was last bid down 0.1 percent at $19,400 a tonne and nickel was bid 0.6 percent lower at $15,050.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Fri, 24 Oct 2014 12:31:17 +0000
Oil slips below $86 on strong supply, NY Ebola case http://www.brecorder.com/markets/commodities/europe/201508-oil-slips-below-$86-on-strong-supply-ny-ebola-case.html http://www.brecorder.com/markets/commodities/europe/201508-oil-slips-below-$86-on-strong-supply-ny-ebola-case.html imageLONDON: Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets.

Iraq increased its oil supply in October, and Libya's production remained high, despite deep instability in both countries.

Brent crude for December fell $1.02 a barrel to a low of $85.81 and was trading around $85.90 by 1205 GMT. US December crude fell 85 cents to $81.24 a barrel.

On Thursday Brent crude prices rose sharply on news of lower supply from Saudi Arabia, although overall Saudi production increased month-on-month and some barrels went into storage.

Analysts said on Friday that the market had overreacted on the up side, given the increase in production.

"If Saudi Arabia is releasing less oil into the market despite rising production, this indicates weaker demand," said Carsten Fritsch, an analyst at Commerzbank, in a note.

"This can scarcely be interpreted as an argument for rising oil prices." Saudi Arabia, the world's top exporter, previously sent signals it is comfortable with markedly lower oil prices and willing to maintain high supply levels to compete for market share. Tony Machacek, a broker at Jefferies in London, said, "I was surprised that the market reacted as violently as it did: there was no indication that the Saudis were trying to push the price up."

European equities and US stock futures fell sharply on Friday on news that a doctor in New York City had been diagnosed with Ebola.

The doctor, who had worked in West African countries afflicted by the virus, was diagnosed after returning to New York.

Economists anticipate subdued growth in China and the euro zone next year, though signals from India are more positive, according to a Reuters poll released on Friday.

The gloomy outlook for two major oil-consuming markets has added to fears of slowing oil demand at a time of global oversupply.

Manufacturers in China and the euro zone performed better than expected, according to purchasing managers' surveys released on Thursday, but industrial growth in the United States fell to its slowest rate since July.

Commerzbank cut its average Brent price forecast for 2015 to $85 from $105 on signals that OPEC will defend market share rather than cut production to shore up prices.

"It is unlikely that OPEC will cut production sufficiently to remove the expected oversupply from the market next year," Fritsch in a note.

Standard Chartered and Citi both cut their Brent price forecasts on Tuesday.

The Organization of the Petroleum Exporting Countries will meet on Nov. 27 to review its output target for the first half of 2015. So far, only a minority of members have called for a cut.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Fri, 24 Oct 2014 12:29:50 +0000
London copper set for weekly rise on seasonal China demand http://www.brecorder.com/markets/commodities/europe/201412-london-copper-set-for-weekly-rise-on-seasonal-china-demand.html http://www.brecorder.com/markets/commodities/europe/201412-london-copper-set-for-weekly-rise-on-seasonal-china-demand.html imageSYDNEY: London copper edged down on Friday, but was on track for its biggest weekly rise in two months as China demand recovers in the fourth quarter, although expectations of swelling supply kept gains in check.

FUNDAMENTALS

Three-month copper on the London Metal Exchange had slipped 0.3 percent to $6,676 a tonne by 0045 GMT, paring gains of 1 percent from the previous session. LME copper prices were set to advance by 0.6 percent for the week in their biggest weekly rise since late August.

The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.5 percent to 47,260 yuan ($7,723) a tonne in overnight trade.

New claims for US unemployment benefits held below 300,000 for a sixth straight week last week, suggesting the labour market was shrugging off jitters over a slowing global economy.

Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but US manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy.

Spanish smelter Atlantic Copper aims for record production this year and expects increased capacity at copper smelters globally to absorb the output from mines and keep the concentrates market in balance through 2017.

For the top stories in metals and other news, click

or MARKETS NEWS * Global equity markets rose on Thursday, with stocks on Wall Street climbing more than 1 percent as US corporate earnings continued to beat expectations, while government debt prices slid on stronger American and German economic reports.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri) Europe Fri, 24 Oct 2014 06:28:24 +0000
LME copper set for weekly rise on seasonal China demand http://www.brecorder.com/markets/commodities/europe/201381-lme-copper-set-for-weekly-rise-on-seasonal-china-demand.html http://www.brecorder.com/markets/commodities/europe/201381-lme-copper-set-for-weekly-rise-on-seasonal-china-demand.html imageSYDNEY: London copper edged down on Friday amid expectations of swelling supply, but prices were headed for the biggest weekly rise in two months on signs of demand recovery in top consumer China.

In China, copper demand has shown a slight improvement this month on the back of orders from manufacturers ahead of the Christmas and Lunar New Year sales season, traders said. That, and tentative signs of economic growth have broadly provided some support to metals prices.

"We have had some positive drivers in the past few days. Better-than-expected earnings in the United States, Germany's PMI.. Chinese data that was a bit

better than expected," said analyst James Glenn of National Australia Bank in Melbourne.

"Metals that have slightly more positive fundamentals like zinc and aluminium have been coming back in the last few days. But with copper there is a chance for a substantial surplus next year

. that's probably weighing a little bit."

Three-month copper on the London Metal Exchange had slipped 0.2 percent to $6,680 a tonne by 0227 GMT, after gaining around 1 percent in the previous session. LME copper prices were set to advance by 0.6 percent for the week in their biggest weekly rise since late August.

Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but US manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy.

In China, average new home prices in 70 major cities fell 1.3 percent in September from a year ago, marking the first annual drop in nearly two years and stoking worries that falling property prices would drag on economic growth.

The most-traded January copper contract on the Shanghai Futures Exchange trimmed overnight gains of half a percent and was at 47,160 yuan ($7,705) a tonne, up 0.2 percent. Prices were on track for a more than 1 percent weekly rise, the strongest week since August.

Spanish smelter Atlantic Copper aims for record production this year and expects increased capacity at copper smelters globally to absorb the output from mines and keep the concentrates market in balance through 2017.

Across other metals, LME aluminium and zinc were set to close the week higher, but by less than half a percent. LME aluminium was trading below a one-month high of $2,015.75 hit midweek, as supply remained tight after a swathe of capacity closures. Shanghai zinc climbed 1 percent, underpinned by a shortfall in China's domestic supply of the metal.

Physical zinc in China is trading at a high premium over the Shanghai December contract "which probably gives support to the assumption that supply is tight", an analyst at a hedge fund in China said, adding that LME zinc prices were still too high to encourage imports.

Shanghai zinc stockpiles have sunk to the lowest in five years, while the futures curve was showing signs of stress, with cash prices having traded at a premium against third month prices for the past month.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri) Europe Fri, 24 Oct 2014 05:49:40 +0000
Gold falls as stock markets firm and physical demand wanes http://www.brecorder.com/markets/commodities/europe/201342-gold-falls-as-stock-markets-firm-and-physical-demand-wanes.html http://www.brecorder.com/markets/commodities/europe/201342-gold-falls-as-stock-markets-firm-and-physical-demand-wanes.html imageLONDON: Gold fell on Thursday as stronger-than-expected economic data and upbeat corporate results lifted stocks in Europe and the United States, while the dollar index held near a one-week high and demand for physical metal eased.

Outflows from gold-backed exchange-traded funds suggested investment appetite for bullion was softening, analysts said. The arrival of the Diwali festival in India was expected to mark the end of a period of upbeat demand there.

Spot gold was down 0.5 percent at $1,234.30 an ounce at 1352 GMT, while US gold futures for December delivery were down $11.00 an ounce at $1,234.50.

Holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, fell 0.3 percent on Wednesday to 749.87 tonnes, the lowest since late 2008. Outflows from the fund this week have now topped 11 tonnes, the most of any week since mid-September.

"We're still having outflows from physically backed gold funds; from the beginning of the year, we've had 90 tonnes," Natixis analyst Bernard Dahdah said. "Western investors still aren't very excited about holding gold."

"(They are) trying to start investing now with the view that the future in the United States looks much brighter, and on expectations for interest rates. The fear of currency debasement has dissipated, and that was the biggest reason behind those investors investing in gold."

On the wider markets, the dollar index held near the previous day's one-week high. European stocks firmed after data showed euro zone businesses were performing much better than expected this month, albeit by slashing prices again.

Wall Street stocks also rose at the open after a number of strong results reassured investors that corporations were faring well despite concerns about global economic growth.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Thu, 23 Oct 2014 14:50:47 +0000
Copper gains on Chinese manufacturing data http://www.brecorder.com/markets/commodities/europe/201300-copper-gains-on-chinese-manufacturing-data.html http://www.brecorder.com/markets/commodities/europe/201300-copper-gains-on-chinese-manufacturing-data.html imageLONDON: Copper rose on Thursday on data showing a slight pickup in the growth in top consumer China's manufacturing sector.

Three-month copper on the London Metal Exchange (LME) was at $6,684 a tonne at 1000 GMT, up 0.8 percent from the previous day's close when it fell 0.6 percent.

China's factory sector grew a shade faster in October as firms saw more foreign and domestic orders, a private survey showed on Thursday, though the modest expansion likely will not dispel concerns about the cooling Chinese economy.

"It certainly seems like that the Chinese data has provided hope for copper and traders have pushed the metal higher.

A stronger number in China, is mostly good news," said Naeem Aslam, chief market analyst at Ava Trade.

China accounts for roughly 40 percent of global refined demand.

The outlook for the copper market has been tarnished by expectations of a steep surplus set to emerge next year.

Analysts polled by Reuters this month expected this year's surplus will be in the region of 94,300 tonnes, before ballooning to 350,000 tonnes in 2015.

Higher mine supply wsd expected from Freeport McMoRan's Grasberg and Newmont Mining's Batu Hijau mines in Indonesia, following a resumption of raw material exports from the country. "We are expecting slower demand growth next year and we expect to see a lot higher smelter utilisation rate given the extra mine supply coming out," said analyst Matthew Fusarelli of AME Group in Sydney.

A trader at a copper smelter in China said markets had taken heart from strong implied copper consumption given that the country's state grid, a large user of copper had not yet fulfilled its order commitments.

Russian aluminium giant Rusal plans to keep output largely flat for three years because healthy stock levels are sufficient to make up for any output shortfalls, a top executive said late on Wednesday. Reflecting nearby supply stress in aluminium, cash prices are trading at their narrowest discount since late August against three-month prices.

Many aluminum producers have cut loss-making capacity or shut down completely as they struggle with low London Metal Exchange prices, high energy costs and a flood of new capacity from China.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Thu, 23 Oct 2014 12:10:07 +0000
London copper climbs after China factory data http://www.brecorder.com/markets/commodities/europe/201229-london-copper-climbs-after-china-factory-data.html http://www.brecorder.com/markets/commodities/europe/201229-london-copper-climbs-after-china-factory-data.html imageSYDNEY: London copper rose on Thursday after a slight pickup in growth in China's vast manufacturing sector, but simmering uncertainties over the global economy kept a lid on prices.

China's factory sector grew a shade faster in October as firms saw more foreign and domestic orders, a private survey showed on Thursday, though the modest expansion likely won't dispel concerns about the cooling Chinese economy.

"It would be a false hope for people to be expecting China policymakers to come to the rescue (of the copper market) yet again," said analyst Matthew Fusarelli of AME Group in Sydney.

"We are expecting slower demand growth next year and we expect to see a lot higher smelter utilisation rate given the extra mine supply coming out," he said.

The AME Group expects the global refined copper market to be balanced this year for the first time since 2009, swinging into a surplus of more than 500,000 tonnes next year when it sees prices averaging at $6,800.

Three-month copper on the London Metal Exchange was up 0.5 percent to $6,655.25 a tonne by 0719 GMT. The metal hit a one-week top of $6,710 a tonne in the previous session before closing down 0.6 percent.

Volumes remained thin due to an industry week in London.

Underscoring the pressures facing China's economy, growth in new orders at home and abroad slowed in October and producer prices fell, pushing factory inflation to a seven-month low.

The flash HSBC/Markit manufacturing purchasing managers' index (PMI) edged up to a three-month high of 50.4 from a final reading of 50.2 in September, and just a hair's breadth from the 50.3 reading forecast by analysts.

The most-traded January copper contract on the Shanghai Futures Exchange traded flat at 47,120 yuan ($7,700) a tonne, while ShFE zinc rallied by nearly 2 percent, tracking gains in London overnight.

China's central bank is likely to hold its line against an interest rate cut even as growth slows to a quarter-century trough, as the politics of reform influence the conduct of monetary policy, government sources involved in internal policy discussions say.

A trader at a copper smelter in China said markets had taken heart from strong implied copper consumption given that the country's state grid, a large user of copper had not yet fulfilled its order commitments.

Elsewhere, U.S. consumer prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while.

Across other metals, Russian aluminium giant Rusal plans to keep output largely flat for three years because healthy stock levels are sufficient to make up for any output shortfalls, a top executive said on Wednesday.

Reflecting nearby supply stress in aluminium, cash prices have climbed against the benchmark to the narrowest since late August.

Many aluminum producers have cut loss-making capacity or shut down completely as they struggle with low London Metal Exchange prices, high energy costs and a flood of new capacity from China.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 23 Oct 2014 08:11:35 +0000
Gold hits one-month high on flat dollar, slowing China growth http://www.brecorder.com/markets/commodities/europe/200929-gold-hits-one-month-high-on-flat-dollar-slowing-china-growth.html http://www.brecorder.com/markets/commodities/europe/200929-gold-hits-one-month-high-on-flat-dollar-slowing-china-growth.html imageLONDON: Gold rose to a one-month high on Tuesday as the dollar edged down slightly and on worries over a slowdown in the global economy after China's growth eased in the third quarter to its weakest since the 2008/09 financial crisis.

Data showed China's gross domestic product (GDP) grew 7.3 percent between July and September from a year earlier, down from a 7.5 percent in the second quarter, although slightly above the 7.2 percent forecast by analysts.

Spot gold hit its highest since Sept. 10 at $1,253.70 an ounce in earlier trade and was up 0.4 percent at $1,250.90 by 0940 GMT. U.S. gold futures were up $6.70 an ounce at $1,251.30.

"The retreat of the U.S. dollar from multi-year highs removed the main obstacle for gold," Commerzbank analyst Carsten Fritsch said.

"Weak economic data in the eurozone and China led to concerns that the U.S. economy will not be immune against a slowdown in economic growth, causing a turmoil in wider markets over the past few days."

The dollar was unchanged versus a basket of leading currencies, undermined by a dip in U.S. government bond yields.

The U.S. currency has lost ground in recent weeks as concerns about slowing global growth prompted investors to trim bets that the U.S. Federal Reserve will raise interest rates soon after an expected end in its stimulus later this month.

A delay in raising rates would be seen as positive for gold, a non-interest-bearing asset, and negative for the dollar.

In wider markets, European shares rose on Tuesday, trimming the previous day's losses.

"Despite the recent rebound in equities, there are still some worries out there that could attract bids for gold. Weakness in the dollar is a major factor for gold," said a trader in Hong Kong.

With the Chinese data now out, the market's focus will now turn to Wednesday's U.S. inflation figures and Thursday's European manufacturing reports, traders said.

Gold was also bolstered by buying interest in the physical markets from Asia -- the top consuming region.

India, the second-biggest gold buyer, celebrates the festivals of Dhanteras on Tuesday and Diwali later in the week. Both are considered auspicious for buying gold, and retail sales and imports could get a boost.

News that India's central bank will not tighten gold import rules further could also lend some support.

But overall sentiment towards gold remained wary. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.18 percent to 751.97 tonnes on Monday -- the biggest daily percentage drop in a year.

Among the other precious metals, spot silver was up 0.4 percent at $17.44 an ounce. Platinum was up 0.8 percent at $1,266.70 an ounce, while palladium rose 0.3 percent to $762.40 an ounce.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Tue, 21 Oct 2014 12:10:27 +0000