Gold lost 5.1% on Friday

Source: Marketwatch

CME gold futures for delivery in February lost 5.1% or $82.10 during the last trade of 2011 on Friday. The gold shares also saw decline with NYSE Arca Gold Bugs Index decreasing by 6.6%. The move was unexpected by analysts as the gold futures traded higher before the holidays in the 8 years out of last 9, remarked Mitsui, Japanese gold dealer.

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Mon, 02 Jan 2012 13:57:33 GMT

Nigeria sees doubling oil prices after subsidy withdrawal

Oil prices almost doubled in many regions of Nigeria after the government withdrew oil price subsidy that cost $8bn a year. Residents are disappointed as higher oil price will also increase the price for other goods. Trade unions call people to go on strike. Nigeria being the African largest oil producer still imports the refined oil as corruption and malpractice made it impossible to refine

Mon, 02 Jan 2012 14:44:46 GMT

German bonds decline on China and India PMI data

German sovereign bonds declined on the first trading day in 2012 as India and China reported an increase in Purchasing Manager's Index boosting optimism world economy may stabilize. The borrowing costs on German 10-year notes added 3 basis points or 0.03% reaching 1.86% on Tuesday morning. Yields for 2-year bonds gained three basis points attaining 0.18%.

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