David Meger News
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Gold and silver futures rebounded after Moody’s Investors Service said U.S. policy makers must address debt woes to avoid a credit-rating downgrade this year, boosting the appeal of the metals as a haven.
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Gold futures dropped to the lowest since June, leaving prices on the brink of a bear market, as signs of slowing U.S. economic growth sparked a drop in equities and commodities. Silver fell to an eight-month low.
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Copper rose the most since January, leading industrial metals higher after weaker-than-estimated Chinese inflation eased concerns that the government will tighten monetary policy to slow growth.
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Gold fell to the lowest in more than a month on speculation that physical demand will slow during this week’s Lunar New Year holiday in Asia.
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Gold futures climbed to the highest settlement price in five weeks as a slumping dollar boosted the appeal of the precious metal as an alternative asset.
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Copper futures in New York fell the most in four months as a drop in U.S. homebuilder confidence and speculation that China will move to cool property purchases damped demand prospects for the metal used in pipes and wiring.
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Copper futures may extend a drop to to the lowest in almost seven months as Cyprus prepares to vote on a bank levy amid signs that metal demand remains slack.
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Zinc fell to the lowest price this week, leading a slump for industrial metals, on renewed concern that Europe’s debt crisis is worsening and will curb demand.
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Gold declined for the second time in three days in New York as a stronger dollar eroded appeal of the precious metal as an alternative investment.
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Copper dropped for a second straight day after the U.S. economy expanded less than forecast last quarter and the International Monetary Fund said it will lower its growth outlook for the country.
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