Gold Live Updates
Gold hit a one-week high on Friday, extending gains into a second straight session as Spain's economic reform plan eased investor nervousness over euro zone finances, while firmer oil prices also lent support.
Spot gold is headed for an 11.5-percent rise in the third quarter, its biggest such gain since the second quarter of 2010, buoyed by recent stimulus measures from the U.S. Federal Reserve and the European Central Bank.
Bullion is used as a hedge against higher inflation outlook triggered by easy monetary policy.
Spain's budget plan set the stage for a bailout request, bringing relief to investors skittish over Madrid's finances and euro zone's ability to contain its debt crisis. The euro firmed against the dollar after the news, boosting commodities priced in the greenback.
Copper Updates
London copper inched up on Friday after Spain moved to buttress its economy, but was on course for its second weekly loss in a row as the impact of central bank easing fizzled and concerns over Chinese demand weighed ahead of a week-long holiday.
China's markets will be shut from Oct 1 to 5, draining liquidity from the top metals consumer during a week of top tier economic releases that may show further deterioration in global growth, dimming the outlook for metals demand.
Crude Updates
World oil prices rose in Asian trade today, extending gains made in New York, as rising geopolitical tensions in West Asia stoked concerns over crude supply.
Spain’s announcement of an austerity budget also helped lift the market as it eased fears over an escalation of the Euro Zone crisis, analysts said. Western powers have been pressuring Iran to halt its nuclear programme but Tehran has insisted its efforts were solely for peaceful purposes.
Madrid unveiled it 2013 budget focussed on spending cuts and featuring structural reforms agreed with the European Union, bringing relief to the crisis-weary Euro Zone as it pointed to a full bailout of the debt-strapped nation.
Gold hit a one-week high on Friday, extending gains into a second straight session as Spain's economic reform plan eased investor nervousness over euro zone finances, while firmer oil prices also lent support.
Spot gold is headed for an 11.5-percent rise in the third quarter, its biggest such gain since the second quarter of 2010, buoyed by recent stimulus measures from the U.S. Federal Reserve and the European Central Bank.
Bullion is used as a hedge against higher inflation outlook triggered by easy monetary policy.
Spain's budget plan set the stage for a bailout request, bringing relief to investors skittish over Madrid's finances and euro zone's ability to contain its debt crisis. The euro firmed against the dollar after the news, boosting commodities priced in the greenback.
Copper Updates
London copper inched up on Friday after Spain moved to buttress its economy, but was on course for its second weekly loss in a row as the impact of central bank easing fizzled and concerns over Chinese demand weighed ahead of a week-long holiday.
China's markets will be shut from Oct 1 to 5, draining liquidity from the top metals consumer during a week of top tier economic releases that may show further deterioration in global growth, dimming the outlook for metals demand.
Crude Updates
World oil prices rose in Asian trade today, extending gains made in New York, as rising geopolitical tensions in West Asia stoked concerns over crude supply.
Spain’s announcement of an austerity budget also helped lift the market as it eased fears over an escalation of the Euro Zone crisis, analysts said. Western powers have been pressuring Iran to halt its nuclear programme but Tehran has insisted its efforts were solely for peaceful purposes.
Madrid unveiled it 2013 budget focussed on spending cuts and featuring structural reforms agreed with the European Union, bringing relief to the crisis-weary Euro Zone as it pointed to a full bailout of the debt-strapped nation.