Markets

Monday in Singapore, bullion prices held steady as dollar’s firmness that drove gold 1.7% lower during the previous session, marking the biggest loss since early February, weighed on the market.

Spot gold gained 5% to $1,106.60 an ounce at about 3:58 GMT, trading just above its 30-day moving average.

Early on Monday in Asia, the British pound lost ground, tumbling to a 1-year low against the Swiss franc and hitting new multi-day lows against the rest of majors following a Confederation of British Industry report showed that the recovery in the UK economy is expected to remain sluggish during 2010.

Friday, bullion prices hardly changed, writing off stronger dollar as worries about Greece's debt troubls and volatility in currencies boosted its safe-haven appeal.

Spot gold was at $1,124.70 an ounce by 00:37 GMT, modestly changed from New York's notional close on Thursday, when it hit an intraday high of $1,129.05. Bullion was about 1.6% below a 6-½ week high near $1,150 seen in early March but was heading for its best weekly gain since mid-February.

In early European trading today, the alpine franc spiked higher against its key opponents. The franc thus climbed to a 2-day high against the pound.

The Swiss franc that held steady against the euro in Asian deals on Friday rose in early European trading. As of now, the franc is worth 1.4381 per euro. On the upside, 1.436 is seen as the next target level for the franc. The euro-franc pair closed yesterday's trading at 1.4403.

In early European trading today, the alpine franc spiked higher against its key opponents. The franc thus climbed to a 2-day high against the pound.

The Swiss franc that held steady against the euro in Asian deals on Friday rose in early European trading. As of now, the franc is worth 1.4381 per euro. On the upside, 1.436 is seen as the next target level for the franc. The euro-franc pair closed yesterday's trading at 1.4403.

During early European session on Friday, the British pound lost ground against its main rivals. The sterling thus declined to a 2-day low against the Swiss franc and a 3-day low against the dollar.

The pound that closed yesterday's trading at 1.5248 against the US dollar fell to a 3-day low of 1.5188 by about 2:25 am ET Friday. The next downside target level for the pound is seen at 1.498. Cable is now worth 1.5211.

In late Asian session today the common unit of Europe lost ground versus its key counterparts.

Thursday in Singapore, bullion prices eased as the dollar strengthened against other currencies, while there were concerns that a failure to support recent highs could prompt some investors to shift their money to stocks or bonds.

Spot gold was at $1,122.45 an ounce by 2:40 GMT, that is down $1.60 from New York's notional close on Wednesday, when it hit a 1-week high at $1,132.80 on early gains in the euro before falling sharply after the release of U.S. producer prices data.

Along with the Japanese yen, the US currency also revealed strength across the board, touching 2-day high versus the European single.

In early Asian session the Japanese unit showed firmness against its main rivals as risk averse traders stepped aside from higher-yielding assets on speculation that China will tighten its lending curbs to stem inflation. The yen thus edged higher to a 2-day high against the euro.

The Japanese stock market has regained some lost ground today with investors picking up a few blue chip stocks at lower levels.

During Wednesday mid-day North American session, the UK sterling dropped from early morning session's highs against its key opponents during New York.

After hitting new multi-week high of 0.8956 by about 9:20 am ET, the pound reversed its direction against the euro in New York mid-day deals today. As of now, the pair is worth 0.8989, compared to yesterday's close of 0.9032.

During early deals in New York today the 16-nation currency lost ground across the board, however, European stocks surged. The euro thus fell to a near 3-week low against the pound and a 16-1/2-month low against the franc.

At about 10:32 am ET, France' CAC 40 rose by 18 points or 0.5%, Germany's DAX garnered 46 points or 0.8% and the UK's FTSE 100 added 26 points or 0.5%.

Wednesday, in Asia the greenback plummeted against its European rivals as a rise in Asian stocks diminished demand for the safe-haven greenback.

Asian stock markets strengthened Wednesday as US and Japanese central banks promised to maintain loose monetary policies, buoying hopes for recovery in the world's two largest economies.

During Asian deals on Wednesday, the Japanese that showed firmness started losing thereafter as investors reacted to the Bank of Japan's decision to ease its ultra-loose monetary policy further by expanding its three-month funding operation introduced in December. The yen thus plunged to a 6-week low against the NZ dollar and the franc, 2-day low against the euro and the aussie and a 5-day low against the loonie and the pound.

Wednesday, bullion prices continues climbing after having gained more than 1% the previous day as a US Federal Reserve decision to hold interest rates unchanged burnished the metal's investment appeal.

Spot gold was at $1,126.60 an ounce by 2:41 GMT, up $1.90 from New York's notional close on Tuesday, when it hit an intraday high of $1,128.45, its strongest since March, 8 within sight of a 6-½ week high at $1,144.60 hit in early March.