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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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Gold futures reach beyond record highs

Mar 24, 2011 10:04 AM

Escalating violence in Libya, threats of radiation damaging water in Japan and a sovereign debt crisis tearing through the Iberian Peninsula pushed gold futures to new record highs on Thursday morning, Bloomberg reports.

Shortly after 11:30 a.m. on Thursday, gold futures climbed 0.58 percent, an $8.30 rise to $1,446.30 per troy ounce. The previous record of $1,444.50 per troy ounce was set on March 7, and the commodity reached as high as $1,448.60 per troy ounce earlier on Thursday morning.

"Geopolitical risk remains very high," Matthew Zeman, a market strategist at Kingsview Financial in Chicago, told the news service.

Thirty Spanish banks saw their credit ratings slashed by Moody's Investor Service. Portuguese prime minister Jose Socrates was close to resigning amidst reports that the nation is very close to requesting a bailout for its hobbled banks. Greece and Ireland last year accepted bailouts to rescue their insolvent banks.

"You need to be owning gold as Middle East unrest is spreading," Zeman said. "There's renewed debt concerns in the euro zone and continued uncertainty in Japan."

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