Gold advanced, trading above $1,600 an ounce, as manufacturing in the U.S. trailed estimates, boosting prospects of further stimulus by the Federal Reserve to spur growth and increasing demand for bullion as a haven.
Spot gold rose as much as 0.5 percent to $1,605.50 an ounce and was at $1,602.15 by 12:39 p.m. in Singapore. August-delivery bullion gained as much as 0.5 percent to $1,605.70 an ounce on the Comex in New York, before trading at $1,602.50.
Manufacturing in the U.S. shrank in June to 49.7, worse than the most-pessimistic forecast in a Bloomberg News survey, from 53.5 in May, data yesterday showed, helping the dollar rebound from its biggest drop in eight months against a six- currency basket including the euro. The common currency fell today as euro-area unemployment reached the highest on record in May, raising concern the debt crisis is worsening.
Japan April Leading Index Rises Less Than Estimated
A leading indicator of the Japanese economy recorded a slower growth in April than initially estimated, final data released by the Cabinet Office showed Thursday.
Silver futures decline to Rs 43,594 per kg
Silver prices fell 0.82 per cent to Rs 43,594 per kg at the futures trade today as speculators indulged in trimming positions, taking weak cues from the global market amid a weak trend in the domesti
Europe Stock Futures Sink as Bernanke Outlines Easing End
European stock-index futures sank after Federal Reserve Chairman Ben S. Bernanke said the bank may cut bond purchases later this year as the world’s largest economy strengthens. U.S. futures and Asia
Brazilian steel exports down by 37.7pct in May
According to the Brazil Steel Institute, Brazilian steelmakers produced 3 million metric tonne of crude steel in May of the current year, reflecting a 5.5% increase over May 2012, and up 3.25% compar