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May 28, 2010

Gold firms as euro falls on Spain’s debt rating cut

NEW YORK (Reuters) – Gold edged up late on Friday, after Fitch Rating cut Spain’s debt ratings, renewing fears of spreading euro zone credit problems and pressuring the euro and U.S. stock prices, which pushed some gold investors to cover short positions before the long holiday weekend.

Spot gold firmed to $1,213.85 an ounce by 2:45 p.m. EDT (1845 GMT) from $1,211.10 late in New York on Thursday.

May 27, 2010

Gold stays firm as safety bid in euro debt crisis

NEW YORK (Reuters) – Gold prices were modestly higher by late Thursday trade, having risen earlier to a one-week high, supported by the metal’s safe-haven appeal as concerns linger over the euro zone credit crisis, but global equity market rallies and the euro’s bounce capped the rise.

Spot gold was higher at $1,212.10 an ounce by 2 p.m. EDT (1800 GMT) than $1,209.90 in late New York trade on Wednesday. The precious metal has risen about 3 percent this week, hitting $1,218.35 on Thursday, its highest level since May 19.

May 26, 2010

Gold extends gains for third day on asset grab

NEW YORK (Reuters) – Gold rose about 1 percent on Wednesday, building its best three-day gain since January, as traders hedged against further euro-zone debt turmoil and drew support from unabated investor desire for asset protection.

After rallying earlier this week as investors fled riskier assets in search of safer havens, gold gained in tandem with equities and industrial commodities on Wednesday, maintaining this month’s rare correlation with the U.S. dollar.

May 25, 2010

Gold gains in safety bid amid steep PGM declines

NEW YORK/LONDON (Reuters) – Gold prices pushed higher on Tuesday in a safe-haven play, while platinum group metals took a heavy hit with other industrial metals, as investors feared a second economic slowdown on credit woes in Europe.

Gold’s gains were stunted by the euro’s losses to near four-year lows against the dollar. Spain took over a small bank over the weekend, fanning fears the euro zone’s sovereign debt crisis was spreading.

May 25, 2010

Gold gains in safety bid

NEW YORK/LONDON (Reuters) – Gold prices pushed higher on Tuesday in a safe-haven play, while platinum group metals took a heavy hit with other industrial metals, as investors feared a second economic slowdown on credit woes in Europe.

Gold’s gains were stunted by the euro’s losses to near four-year lows against the dollar. Spain took over a small bank over the weekend, fanning fears the euro zone’s sovereign debt crisis was spreading.

Mar 25, 2010

Gold firms in choppy trade despite euro drop

NEW YORK (Reuters) – Gold posted moderate increases on Thursday, as investors saw a buying opportunity the day after the precious metal slid to a six-week low.

Gold trade was choppy. The market slid briefly with the euro on comments by the European Central Bank chief about a potential bailout of Greece. It then drew support from relatively firm equities and oil markets.

Mar 13, 2010

Credit improving for most in metal industry

NEW YORK (Reuters) – A year ago, nearly every executive at Reuters Mining Summit talked about unusually tight credit conditions brought on by the global financial crisis.

This week, executives speaking at Reuters Global Mining and Steel Summit indicated that while available financing remains a constraint for many, exporters and large, liquid metal miners and producers are having an easier time finding financing.

Mar 11, 2010

Reliance Steel sees orders improve, no restocking

NEW YORK (Reuters) – Reliance Steel & Aluminum Co <RS.N> said its metal service centers and others in the industry and their manufacturer customers are no longer destocking inventory, but neither are they restocking, as orders for processed metal have increased in only some areas.

David Hannah, chief executive officer of the largest metal service center in North America told Reuters Mining and Steel Summit on Wednesday: “We’re buying metal at about the same rate we’re shipping it. Buying that is going on now by our customers in all the different industries we service, and our buying from the (steel) mills, is not to restock the shelves.”

Mar 10, 2010

Schnitzer sees more steel scrap export strength

NEW YORK (Reuters) – Schnitzer Steel Industries Inc <SCHN.O> sees strong prices reflecting healthy demand for U.S. steel scrap, driven primarily by export market consumption, especially in Asian markets.

Chief Executive Tamara Lundgren told the Reuters Mining and Steel Summit on Tuesday that industry discussion of prices in the high $300s to the low $400s a ton were “generally correct” for U.S. steel scrap exports.

Mar 10, 2010

Reuters Summit-Schnitzer sees more steel scrap export strength

NEW YORK, March 9 (Reuters) – Schnitzer Steel Industries
Inc <SCHN.O> sees strong prices reflecting healthy demand for
U.S. steel scrap, driven primarily by export market
consumption, especially in Asian markets.

Chief Executive Tamara Lundgren told the Reuters Mining and
Steel Summit on Tuesday that industry discussion of prices in
the high $300s to the low $400s a ton were “generally correct”
for U.S. steel scrap exports.

    • 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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