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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Chinese economic activity pushes gold futures to record highs

Apr 18, 2011 08:18 AM

China's continued efforts to slow down the rapid growth of its economy pushed gold futures to record prices Monday morning, Bloomberg reports.

The Asian nation's economic activity prompted investors to seek safe havens for assets amidst spreading concerns. Its economy is considered the globe's most quickly growing.

The "uncertainty in the euro zone and inflation concerns in Asia appear to be the main drivers" of gold's value, David Thurtell, Singapore-based head of metals research at Citigroup, told the news service. "The latter was confirmed by the overnight move by the People's Bank of China to tighten monetary policy."

Gold futures' record value now is $1,488.68 per troy ounce.

At 8:55 a.m. on Monday, gold futures were down 0.23 percent, a $3.40 loss to $1,482.60 per troy ounce.

During the past year, the precious metal's value has increased 31 percent while growing in value during each of the past 10 years. Drivers on top of Chinese economic activity also include the crisis with Japan's nuclear reactor, uprisings in the Middle East and North Africa, and debt issues with euro zone banks.

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