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.
ADIB signs MoU with Korean firms
Abu Dhabi Islamic Bank (ADIB) and Construction Guarantee (CG) of the Republic of Korea have signed a MoU that will support South Korean construction companies operating in the Arabian Gulf, a region
European shares post best week in eight months
European shares rose on Friday,
recording their best week in eight months, with cruise ship
operator Carnival up on forecast-beating results and broad
sentiment boosted by greater clarity on U.S.