Gold prices rallied to a record high $1,497.20 an ounce on Monday after Standard & Poor's downgraded its credit outlook for the United States and as investors worried about debt in the euro zone and inflation in China.
Spot Gold jumped to a new all-time high of $1489 per ounce in Asian trade Monday, edging lower as the Dollar rose on the currency market and global equities began the Easter-shortened week with a 0.5% drop.
Gold stayed above $1480 per ounce in Asian and European trading, and then experienced a sudden spike $15 upwards to new record prices yet again at the beginning of the New York trading session. Prices take support from worries over euro zone debt and inflation in Asia after China opted to raise reserve requirements again.
There will be a little less money to go around in China starting later this week. China's government is worried about rising prices and is tightening its grip on the country's cash. In the latest step, the country's banking authorities have told banks that they must raise the amount they set aside in their reserves another half a percentage point, effectively reducing lending.
International Monetary Fund member countries sought to bridge sharp differences over the global economy, acknowledging that rising inflation in emerging markets poses a risk to rich countries too.
China raised banks' required reserves on Sunday for the fourth time this year, extending the fight against excessive liquidity and stubbornly high inflation in the world's second-largest economy.
China's monetary policy tightening will continue for some time as inflation remains higher than the government is comfortable with, and the yuan will be one of the tools used to fight it, the central bank governor said on Saturday.
China's monetary policy tightening will continue for some time as inflation remains higher than the government is comfortable with, and the yuan will be one of the tools used to fight it, the central bank governor said on Saturday.
China's monetary policy tightening will continue for some time because inflation remains higher than the government is comfortable with, with the yuan being one of the tools used, the country's central bank governor said on Saturday.
Inflation accelerated in Asia and Europe in March while the United States bucked the global trend with underlying price pressures largely in check, leaving monetary policy on diverging paths around the world.
To judge by their polar opposite reactions, two top U.S. Federal Reserve officials could have been looking at completely different sets of U.S. inflation data on Friday.
Rising food and gasoline costs lifted U.S. consumer prices overall in March, but underlying inflation pressures were contained and consumers grew more confident about the economy in early April.
Inflation accelerated in Asia and Europe in March while the United States bucked the global trend with underlying price pressures largely in check, leaving monetary policy on diverging paths around the world.
The Consumer Price Index data for March was in line with low underlying inflation, a top U.S. Federal Reserve official said on Friday, adding it is too early to determine whether commodity price spikes are playing a role.
Consumer sentiment rose more than expected in April as worries about the impact of higher oil prices on economic growth eased slightly, a survey released on Friday showed.
Rising food and gasoline costs lifted U.S. consumer prices overall in March, but underlying inflation pressures were contained and consumers grew more confident about the economy in early April.
Stocks rose on Friday as encouraging economic indicators overshadowed disappointing results from Bank of America and Google.
Rising food and gasoline prices lifted U.S. consumer inflation as expected in March, but underlying inflation pressures remained contained, a government report showed on Friday.
Rising food and gasoline costs lifted U.S. consumer prices overall in March, but underlying inflation pressures were contained and consumer confidence rose in April.
The Dow and S&P rose on Friday as encouraging economic indicators offset disappointing results from Bank of America Corp , though weakness in Google Inc kept the Nasdaq's advance in check.
China and India both reported higher-than-expected inflation readings on Friday, giving fresh ammunition to central bankers and investors alike who are worried about mounting price pressures in the global economy.
Gold jumps to new record highs over $1480 US dollar per ounce on Friday as Asian demand is unstoppable. Silver is holding near its earlier 31-year high at $42.64.
