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Major commodities down on dollar surge |
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All major commodities including oil, gold and major base metals were all fell to a surging greenback as growing perception among investors that growth in Europe is slowing just as a U.S. recovery begins.
That drove the dollar higher and pushed oil prices to three-month lows on Friday, lifting both U.S. and European shares.
The US dollar climbed to a six-month high against the euro, knocking gold and other metals prices down, along with oil, and bolstering the outlook for economic growth and profits among U.S. equity investors.
Oil hit a more than three-month low at $111.34 on the stronger dollar and a view that demand in industrialized nations is waning. Gold tumbled below $800 an ounce, hitting its lowest price since last November, while silver sank nearly 10% and other precious metals also plummeted.
The drop in commodities prices raised hopes on Wall Street of a consumer spending recovery, although the slide in crude prices pushed down shares of materials and energy-related companies.
European shares also gained, as aerospace and defense companies rallied on the stronger dollar, withstanding a heavy drag from falling mining stocks on the lower commodities prices.
The dollar was on track for a fifth week of gains against the euro, amid signs the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.
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| Technical Calls |
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Dollar investors bring down gold, silver prices |
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Gold slipped again for Dollar investors early in London on Friday, nearing the weekend 1.7% above last week's finish as commodities fell, government bonds rose, and world stock markets dropped. Gold priced in the British Pound Sterling hit a new all- |
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High gold price threatens Indian marriage culture |
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Gold’s auspicious significance within Indian culture will continue to ensure it plays an important role in weddings there, even as India modernizes. But the threat is that the gold price has become much more driven by speculative investment in the pa |
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Gold, silver traders book profit as prices fall |
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Against this changing set of background conditions, New York spot gold bullion opened with an $8 loss, quoted at $1136.70 per ounce. Trade talk indicates a possible dip to the $1100 area prior to a possible renewed assault on the other side of the $1 |
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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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