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Aus central bank raises interest rate |
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Australia's central bank raised its key interest rate Tuesday by a quarter percentage point for the second month in a row, declaring the global downturn over and warning that inflation was set to rise.
The decision was widely expected by analysts and underlines Australia's quick recovery compared with other developed countries. Most have yet to respond to signs the global economic crisis has eased by raising borrowing costs.
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The Reserve Bank of Australia board decided at its monthly meeting to raise the cash rate a quarter point to 3.5 percent.
A month earlier, Australia became the first major economy to raise interest rates since the outbreak of the financial crisis when the bank hiked its key rate by a quarter point from a 50-year low.
Australia has been a rarity among developed economies by avoiding recession during the worst global economic slump since World War II. It survived the downturn better than most thanks to 42 billion Australian dollars ($37 billion) of government stimulus spending and strong demand from China and other Asian nations for its iron ore and other mineral resources.
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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