NEW YORK (Reuters) – Gold turned sharply lower on Wednesday, as investors weighed U.S. Federal Reserve Chairman Ben Bernanke’s congressional testimony warning of risks to holding interest rates too low for too long and opened the possibility of reducing bond purchases.
In prepared remarks, as expected, the Fed chief said monetary stimulus was helping the U.S. economy recover, but it was too soon to remove existing measures.
May 14 (Reuters) – Novelis Inc, the world’s
largest producer of rolled aluminum products, reported a
quarterly profit on Tuesday, versus a year-earlier loss, boosted
by stronger demand and better cost controls.
The company, a unit of India’s HindalCo Industries Ltd
, said it was able to push through unexpected headwinds
in the second half of fiscal 2013, which ended March 31, and
will continue to move ahead with numerous expansion projects.
NEW YORK, May 7 (Reuters) – Most ICE cotton contracts ended
Tuesday with modest losses, as participants prepared for the
Department of Agriculture’s first U.S. supply estimates of the
coming crop year, which many analysts expect will be hefty
though lower than current yields.
But extreme weather conditions, either too much or too
little rainfall depending on the region, has resulted in a wide
range of estimates. So some players decided to pull back their
positions ahead of the report, after a recent run up in prices.
NEW YORK, April 23 (Reuters) – Gold fell more than 1 percent
on Tuesday as a stronger dollar put pressure on prices and as
the outflow from the world’s biggest gold exchange-traded fund
(ETF) accelerated and accentuated an investor shift towards
equities and other assets.
At the mid session, gold, along with markets in stocks,
bonds, oil and other commodities, was roiled briefly by a bogus
report of explosions at the White House. Gold pulled up off its
lows on the fake report.
NEW YORK/LONDON, April 22 (Reuters) – Gold rose closed up
1.5 percent on Monday, cutting gains late in the session but
remaining supported by strong physical buying, after the price
hit a two-year low last week.
At the same time, investors reduced bullion holdings in the
top exchange-traded fund to the lowest level in nearly three
NEW YORK, April 11 (Reuters) – Commodities came in mixed on
Thursday, even within sectors, as markets like gold and copper
were lifted by a weaker dollar and natural gas by falling
inventories, while easing demand forecasts pressured crude oil
As economic readings continue to improve, investors have
been reassessing their need to seek the additional returns
provided by alternative investments like commodities.
NEW YORK (Reuters) – Gold fell 1.5 percent on Wednesday, its biggest one-day drop in 1-1/2 months, hit by signs that the U.S. Federal Reserve is inching closer to ending its monetary stimulus program and by Cyprus’s plan to sell its gold reserves to raise cash.
Panic selling sent gold down to near $1,550 an ounce earlier in the session after European Commission documents showed Cyprus plans to sell 400 million euros worth of gold reserves to finance part of its bailout.
NEW YORK, April 10 (Reuters) – Gold prices fell 1 percent on
Wednesday to $1,566 an ounce after Federal Reserve minutes
showed some policymakers expected to slow the pace of bond
purchases and to discontinue them by year end.
Shortly after, a European Commission report showed Cyprus
agreed to sell excess gold reserves to raise around 400 million
euros to help finance its part of its bailout.
NEW YORK, April 9 (Reuters) – Most commodities rallied on
Tuesday as the dollar fell and China released data showing tame
inflation, suggesting Beijing could maintain an easy monetary
Silver jumped 2.7 percent and copper surged 2.1 percent,
making the two metals the day’s biggest climbers. Oil and gold
were not far behind, helping push the Thomson Reuters-Jefferies
CRB index up 0.63 percent.
NEW YORK, March 28 (Reuters) – Century Aluminum Co
returned to the negotiating table this week in its efforts to
find affordable electricity to run its Hawesville, Kentucky,
aluminum smelter after a failed attempt to lower its costs with
“The legislation delayed progress in negotiations. But since
that died, we’ve restarted discussions,” said Marty Littrel,
director of communications and community relations at power
supplier Big Rivers Electric Corp. in Kentucky, adding that
talks became active again this week.