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Jul 6, 2011

Gold hits two-week high on inflation, debt worries

NEW YORK/LONDON (Reuters) – Gold prices rose for a third day to the highest in two weeks on Wednesday, as a rate hike in China put inflation concerns back in the spotlight, and as worries over euro zone debt stoked safe haven buying.

After rising in tandem with oil and grains a day ago, gold rose on Wednesday despite mild losses in other commodities, shrugging off a stronger dollar as broad risk-aversion pushed prices toward the top of the market’s two-month trading range.

Jul 5, 2011

Gold climbs almost 2 percent as risk aversion picks up

NEW YORK/LONDON (Reuters) – Gold prices rose nearly 2 percent on Tuesday, as risk-averse investors bought the precious metal on concerns about the Chinese economic outlook and renewed worries about the Greek debt crisis.

Spot gold was bid at $1,511.05 an ounce at 1:23 p.m. EDT (1723 GMT), against $1,495.54 late in New York on Monday. U.S. gold futures for August delivery were up $29.50 an ounce to $1,512.10, a 1.99 percent increase.

Jul 5, 2011

Gold climbs one percent as risk aversion picks up

NEW YORK/LONDON (Reuters) – Gold prices rose nearly 2 percent on Tuesday, as risk-averse investors bought the precious metal on concerns about the Chinese economic outlook and renewed worries about the Greek debt crisis.

Spot gold was bid at $1,511.05 an ounce at 1:23 p.m. EDT (1723 GMT), against $1,495.54 late in New York on Monday. U.S. gold futures for August delivery were up $29.50 an ounce to $1,512.10, a 1.99 percent increase.

Jun 8, 2011

Alcoa sees much scope for aluminum to replace copper

NEW YORK, June 7 (Reuters) – Alcoa Inc. (AA.N: Quote, Profile, Research, Stock Buzz) Chief
Executive Klaus Kleinfeld said on Tuesday that no one is
happier to see copper prices climbing than he is, because that
meant substitutions into aluminum would increase.

Speaking at The Aluminum Summit hosted by AMM, the head of
the largest U.S. aluminum producer said: “I’m happy that the
copper price has gone up. Every time it rises, those people who
use copper are calling us, because they want to replace copper
with aluminum.”

Jun 3, 2011

Gold holds up after dollar drops on soft U.S. jobs

NEW YORK/LONDON (Reuters) – Gold held onto modest gains on Friday after jumping to a two-day high when the dollar tumbled after a soft monthly labor report showed the U.S. economy created far fewer jobs than expected in May.

Spot gold rose to a two-day peak of $1,546.39 a troy ounce, then pulled back to $1,541.44 by 11:38 EDT (1538 GMT), still up from $1,532.55 an ounce late in New York on Thursday.

Jun 1, 2011

Gold regains luster as safe haven after weak U.S. data

NEW YORK/LONDON (Reuters) – Gold rebounded from negative levels on Wednesday on safe-haven buying, after U.S. manufacturing data for May came in well below forecasts and below the robust April reading.

The worrisome data from the Institute for Supply Management followed an early report on U.S. private-sector jobs, which cast doubt on the health of the world’s largest economy and undermined the dollar.

May 31, 2011

Gold slips off 4-week high

NEW YORK/LONDON (Reuters) – Gold dipped slightly in quiet trade after touching its highest in nearly four weeks on Tuesday, as a report that Germany could smooth the way for Greece to get a bailout prompted investment in riskier assets.

The Wall Street Journal said Germany was considering dropping its push for an early rescheduling of Greek bonds in order to facilitate a new package of aid loans to prevent Athens from defaulting on its debt. [nL3E7GU21K]

May 27, 2011

Weak dollar, Greek debt propel gold to 3-weekk high

NEW YORK/LONDON (Reuters) – Gold prices remained near three-week highs at Friday’s midsession as worries about Greece’s debt crisis encouraged buying by investors looking for relative safety and the softer dollar underpinned sentiment.

Spot gold hit $1,538.10 a troy ounce, its highest since May 4. It was bid at $1,537.30 an ounce at 1:16 p.m. EDT (1716 GMT) from $1,518.10 late in New York on Thursday.

May 26, 2011

Gold eases as Greek debt worries dent euro

NEW YORK/LONDON (Reuters) – Gold fell on Thursday, led by a drop in euro-priced bullion after the single European currency came under sudden pressure with the latest euro zone debt concerns, although safe-haven buying limited declines.

The euro fell early, with traders citing a report quoting the Euro Group’s Jean-Claude Juncker as saying the International Monetary Fund may not release its next tranche for Greece on June 29.

May 25, 2011

Gold sets 3-week high on option expiry, euro zone debt

NEW YORK/LONDON (Reuters) – Gold hit a three-week high on Wednesday, boosted by concern over the debt crisis in euro zone countries such as Greece and as June options expire in the COMEX futures market.

Spot gold rose as far as $1,532.10 per troy ounce, its highest since May 4, but was bid at $1,524.79 by 12:50 p.m. EDT (1750 GMT), down slightly from $1,525.75 late in New York on Tuesday.

    • 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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