International Gold Stocks Update: October 16th
October 16, 2006, 06:00
Precious metal prices and the rnd are set to come under the spotlight today on local financial markets. The rand remains on the front foot this morning after posting substantial gains on Friday.
Gold surged in Asian trade this morning following the continued uptick in oil prices.
Forex dealers say a large dollar sale and the buoyant gold price supported the currency. On the capital market the yield on the R153 government bond ended at 8.49%. The JSE finished at a new record high on Friday after starting the day in the red. The overall index gained 89 points to 22 840.
US stocks rose on Friday, driving the Dow Jones to another all-time high as positive retail sales data helped the broader market, while a gain in oil prices pushed up energy shares such as Exxon Mobil. September retail sales unexpectedly fell on a record decline in gasoline sales. The Dow added 13 points to end at a record 11 961.
Asian shares jump on Dow, earnings By David Fogarty
October 16, 2006 2:43:02 AM
SINGAPORE, Oct 16 (Reuters) - Asian shares powered higher on Monday driven by a buoyant U.S. stock market, where blue-chips hit record highs, strong corporate results and a firmer resources sector.
In Japan, a weaker yen and the strength of U.S. stocks helped drive the Nikkei share average to a five-month high. The Nikkei closed the morning session up more than 1 percent. Singapore shares leapt at the open to a record high, while Australian stocks touched a five-month peak.
The dollar held near a 10-month high against the yen after upbeat U.S. data on Friday on retail sales and consumer sentiment further squashed expectations the Federal Reserve would cut interest rates early next year.
Gold firmed to a two-week high as crude oil rose above $59 a barrel after OPEC called an emergency meeting later this week in Qatar, raising expectations it would finalise plans for a cut in output.
Spot gold hit a high of $592.50 an ounce and hovered at $590.90/591.90 by 0255 GMT, up from $588.80/589.80 late in New York.
Precious metal prices and the rnd are set to come under the spotlight today on local financial markets. The rand remains on the front foot this morning after posting substantial gains on Friday.
Gold surged in Asian trade this morning following the continued uptick in oil prices.
Forex dealers say a large dollar sale and the buoyant gold price supported the currency. On the capital market the yield on the R153 government bond ended at 8.49%. The JSE finished at a new record high on Friday after starting the day in the red. The overall index gained 89 points to 22 840.
US stocks rose on Friday, driving the Dow Jones to another all-time high as positive retail sales data helped the broader market, while a gain in oil prices pushed up energy shares such as Exxon Mobil. September retail sales unexpectedly fell on a record decline in gasoline sales. The Dow added 13 points to end at a record 11 961.
Asian shares jump on Dow, earnings By David Fogarty
October 16, 2006 2:43:02 AM
SINGAPORE, Oct 16 (Reuters) - Asian shares powered higher on Monday driven by a buoyant U.S. stock market, where blue-chips hit record highs, strong corporate results and a firmer resources sector.
In Japan, a weaker yen and the strength of U.S. stocks helped drive the Nikkei share average to a five-month high. The Nikkei closed the morning session up more than 1 percent. Singapore shares leapt at the open to a record high, while Australian stocks touched a five-month peak.
The dollar held near a 10-month high against the yen after upbeat U.S. data on Friday on retail sales and consumer sentiment further squashed expectations the Federal Reserve would cut interest rates early next year.
Gold firmed to a two-week high as crude oil rose above $59 a barrel after OPEC called an emergency meeting later this week in Qatar, raising expectations it would finalise plans for a cut in output.
Spot gold hit a high of $592.50 an ounce and hovered at $590.90/591.90 by 0255 GMT, up from $588.80/589.80 late in New York.
posted by Spelunca at 10:54 PM
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