Gold tumbled after upbeat US data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Precious metals started the week in the red territory amid upbeat US retail sales data. Mounting concerns over Spain's bailout also boosted demand for safe-haven greenback. However, speculation that POBC will loosen its monetary policy pared losses of the commodity group.

Gold slid to almost one-month low as market participants turned to greenback amid signs that US economy is improving.

Silver was the top-loser despite strong global equities on hopes that China will implement easing measures after inflation decelerated last month.

Platinum dropped as the largest South African mines are returning to the pre-strike levels of output.

Palladium extended previous losses amid global growth fears. However, hopes that industrial demand for the metal will strengthen amid recovering US economy limited the upswing.

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Tue, 16 Oct 2012 07:01:27 GMT

Asia stocks rise on U.S. retail data

Asian stocks rose on Tuesday, lead by better-than-forecast U.S. retail sales, pushing Dow Jones Industrial Average 0.7% up, and a rebound of Softbank Corp.'s shares in Tokyo. The Nikkei surged 1.2%, the Kospi added 0.9%, while the S&P/ASX 200 and the Hang Seng indices both advanced 0.3%. The Shanghai Composite index gained 0.5%.

Tue, 16 Oct 2012 07:12:19 GMT

Yen falls before U.S. data

The Yen weakened versus most of the major counterparts, as Asian stocks gained and U.S. data that may show an increase in industrial production and housing starts, curbing demand for haven assets. The Yen lost 0.3% to 78.89 per U.S. Dollar, after touching 78.91, the weakest level since September 19. The Yen fell 0.4% to 102.27 per Euro. 

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