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Jun 23, 2010

US Steel sees industry comeback, costs crimp growth

NEW YORK, June 22 (Reuters) – United States Steel Corp
(X.N: Quote, Profile, Research), one of the largest U.S. steel producers, thinks the
worst of the steel industry’s downturn is over, but sees the
high cost of raw materials used to produce the metal as having
an inhibiting impact on profitability.

“The overwhelming dynamic affecting the pace and level of
our industry’s return to profitability today is the state of
the raw materials markets,” Chief Executive Officer John Surma
told American Metal Market’s 25th Steel Success Strategies
conference on Tuesday.

Jun 22, 2010

ArcelorMittal sees slower steel demand in 2nd half

NEW YORK, June 22 (Reuters) – ArcelorMittal (ISPA.AS: Quote, Profile, Research), the
world’s largest steel maker, said on Tuesday that apparent and
real demand for steel remains positive in the second quarter in
the United States and Europe, but would be slower in the second
half of the year.

“I still believe we will have 10 percent growth in global
(steel) demand this year,” Lakshmi Mittal, chairman and chief
executive of ArcelorMittal, said at American Metal Market’s
25th Steel Success Strategies conference.

Jun 19, 2010

Gold hits record as investors seek alternate asset

NEW YORK/LONDON (Reuters) – Gold rallied on Friday to an all-time record above $1,260 an ounce, as investors looked to precious metals for an alternative to equity or debt investments given renewed uncertainty about the economic recovery.

Several surprisingly weak U.S. economic readings released a day earlier renewed investors worries, driving them to seek the safety of a tangible asset like gold.

Jun 17, 2010

Fresh economic worries trigger rush into gold

NEW YORK/LONDON (Reuters) – Gold bullion came just short of its all-time high and U.S. gold futures ran up to their highest close ever on Thursday on both concern over Europe’s credit problems and downbeat U.S. data which encouraged a fresh sweep into safe-haven assets.

Euro strength also propelled gold’s advance after European ministers jointly backed the publication of so-called bank “stress tests,” along with a successful Spanish bond auction.

Jun 16, 2010

Gold eases in late trade as euro, stocks fall

NEW YORK/LONDON (Reuters) – Gold drifted lower on Wednesday as some short-term investors took profits off the early rise to a one-week high above $1,237 an ounce, but declines in the euro and in U.S. share prices hit the yellow metal in late trade.

Spot gold slipped to $1,231.45 an ounce by 2:29 p.m. EDT from $1,232.45 an ounce in late Tuesday trade in New York. U.S. gold futures for August delivery ended $3.90 lower at $1,230.50 an ounce.

Jun 15, 2010

Gold rises as Greece rate cut feeds safety play

NEW YORK/LONDON (Reuters) – Gold rallied on Tuesday after a ratings downgrade of Greece reignited fears of a worsening fiscal crisis and lifted interest in the metal as a shield against instability in the wider markets.

Spot gold moved up to $1,233.55 an ounce by 3:30 EDT, against $1,220.15 late in New York on Monday. U.S. gold futures for August delivery finished $9.90 higher at $1,234.40 an ounce, after earlier touching its a one-week peak at $1,237.

Jun 4, 2010

Gold rises and rebounds from slump on safe-haven bid

NEW YORK/LONDON (Reuters) – Gold rose on Friday, rebounding from early losses after weaker-than-expected U.S. employment data pushed the stock market and many commodities sharply lower, raising the safe-havens bid for bullion.

“With the employment numbers coming short of expectations and the majority of jobs being census workers rather than private payrolls, I think it shows there’s a chance the economy is not recovering as fast as previously believed,” said Tom Pawlicki, precious metals analyst at MF Global in Chicago.

Jun 3, 2010

Gold eases as investors expect U.S. payrolls spike

NEW YORK (Reuters) – Gold fell for a second day on Thursday, hit by selling among investors who were looking for a possible surge in Friday’s U.S. payrolls data to follow several reports indicating that employers have been adding jobs, curbing the need for safe-haven assets like gold.

Improved job market readings add to other healthy economic reports out this week, that inspired some investors to take profits on gold as the need for a safe haven asset seemed to be lessening, at least in the United States.

Jun 2, 2010

Gold falls as investors grab profit off prior high

NEW YORK (Reuters) – Gold slipped on Wednesday as some investors cashed in on the previous day’s two-week high and as risk aversion dissipated upon release of strong U.S. housing data that helped spark an equity market rally in a grab for value among downtrodden shares.

But gold dealings were light and investment demand for the yellow metal as a haven from credit risk lingers and continues to underpin prices.

Jun 1, 2010

Gold hits two-week high on renewed euro debt fears

NEW YORK (Reuters) – Gold rose toward $1,230 an ounce on Tuesday as investors bought the metal as a haven from debt problems in the euro zone, after the European Central Bank warned the region’s banks may face a fresh wave of losses.

Spot gold was bid at $1,224.55 an ounce at 15:25 p.m. EDT, up from $1,214.20 late in New York on Friday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange closed $11.90 higher at $1,226.90 an ounce.

    • About Carole

      "Based in New York, I cover all North American commodity markets, with a primary focus on metals and more specifically steel and aluminum. I have also covered economics, international economics, foreign exchange, bonds and stock markets for both TV and Reuters wire."
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