Stocks

China is making efforts to grab a $1.2 billion stake in Facebook which would give it a significant role in the largest social networking service in the world. And that may be concerning.

US Treasury plans to sell shares of American International Group after the insurance company's stock posted a steady decline and closed near an 8-month low on Tuesday, as reported by the sources with the knowledge of the matter.

It is reported that the share sale may be about $10 billion, at the lower end of the $10 billion to $20 billion range sources had earlier forecast.

"Right now they're in a very tough spot just because the stock price has moved the way that it has," another source familiar with the situation said earlier on Tuesday.

During European trading session the euro continued its decline versus major currencies on weak equities and on reports that Germany's retail sales fell further and Eurozone's jobless rate rose in September.

Extending its previous session's slide, the euro plunged further against the British pound in European deals today. At 4:40 am ET, the euro slipped to a new multi-week low of 0.8685 versus the sterling, compared to yesterday's close of 0.8739.

Friday in Singapore, the precious metal slipped tending for its first weekly decline in more than a month as stock markets gained, but bargain hunting could cushion the fall, with sentiment in the financial markets still fragile.

Spot gold loist $3.17 an ounce to $1,245.10 an ounce by 3:37 GMT, after falling as low as $1,242.20 on Thursday, partly driven by technical selling from recent highs. Bullion, which struck record around $1,264 in June, is headed for a weekly drop of 0.2 percent, its first in six weeks.

Monday in Singapore, bullion regained some ground after jewelers resurfaced at lower levels, while strong equities lifted PGMs despite a lack of buying interest from automakers.

Spot gold added $1.80 to $1,183.30 by 11:22 p.m. EDT after hitting a low of $1,179.20 an ounce. Despite the gain, bullion was still around 6% below a lifetime high of $1,264.90 struck in June.

Gold had increased after data showed US economic growth slowed in the second quarter, raising concerns about the recovery in the rest of 2010.

Friday in Singapore, bullion slid despite gains in Asian stocks as investors took to the sidelines before the release of European bank stress test results, which seek to restore confidence in the euro zone banking sector.

Spot gold lost 95 cents to $1,194.40 an ounce by 2:38 GMT after rising as high as $1,200.10 on Thursday as strong corporate earnings and rallies in equities spurred buying.

Thursday in Singapore, bullion eased by 0.5% and is expected to revisit its weakest level in two months as investors sold bullion to cover equities losses ahead of Europe's bank stress test results later this week.

Friday in Singapore, despite some regains bullion’s still trading slightly under $1,200 an ounce on bargain buying that encouraged offset selling from speculators, who had shifted some of their money to stocks on hopes of an economic recovery.

Thursday in Singapore gold firmed to hover $1,200 an ounce on Thursday on steady purchases from jewelers and other physical buyers after a recent drop to a 6-week low, while sentiment was also lifted by gains in Asian stock markets.

Tuesday in Singapore, bullion conceded as stock markets dropped and the US major gained against the euro, prompting speculators to sell bullion to cover losses.

Monday in Singapore, bullion spiked during the thin trade on the base of stronger higher stock prices and a firmer euro, but holdings on the ETF slipped again as investors took profits from recent highs.

Spot gold gained 45 cents rising to $1,211.05 an ounce by 1:03 GMT, having fallen to a 5-week low on Friday before bouncing on bargain hunting and physical buying from jewelers. Gold struck a record above $1,264 in late June.

Elevation Partners, a private equity company, has acquired a $120 million stake in Facebook from private shareholders valuing the company at $23 billion, as reported by the sources with the knowledge of the matter.

It is the second round of Elevation’s investment in shares of the social networking company through the secondary markets which gives the equity firm a 1.5% stake in Facebook.

Friday in Singapore, bullion prices slipped as early buying linked to crumbling stock markets subsided, but a rise in ETF holdings to a record high indicated persistent worries over the global economy.

Wednesday in London, bullion prices hovered $1,245 an ounce due to weakness in the dollar and a second day of stock market slides, which led investors to seek a haven from risk.

Spot gold was trading today at 11:24 GMT at $1,245.65 an ounce, against $1,239.00 touched late in New York on Tuesday.

Tuesday in Singapore, bullion strengthened as the euro zone unit jumped Monday after China's central bank set the yuan's daily mid-point at its strongest since a 2005 revaluation, while a drop in bullion prices from a record also triggered bargain hunting.