Gold prices soared close to a record high this week, boosted by the precious metal’s safe-haven status, but gold lost its shine after upbeat US data softened fears about the global economic outlook.
“Industrial commodity prices remain largely in the sway of macro-economic data releases and associated sentiment,” Barclays Capital analyst Sudakshina Unnikrishnan said. “This week has seen a respite from recent selling pressure but sentiment remains fragile and vulnerable with lingering concerns on the health of an economic recovery.”
PRECIOUS METALS: Gold climbed within a whisker of a record high on Wednesday, hitting US$1,254.73 an ounce — the highest point since late June — amid global economic jitters, before trimming gains on Friday.
The precious metal had hit a record US$1,265.30 per ounce on June 21, propelled partly by concerns over the poor economic climate.
By late on Friday on the London Bullion Market, gold rose to US$1,240.50 an ounce from US$1,235 a week earlier.
Silver rallied to US$19.66 an ounce from US$19.03.
On the London Platinum and Palladium Market, platinum climbed to US$1,553 an ounce from US$1,530.
Palladium leapt to US$524 an ounce from US$503.
OIL: Crude oil prices drew strength from economic data, particularly in the US.
Tamas Varga, analyst at PVM Oil Associates in London, told reporters that the US payrolls report was “certainly positive” in the short-term for oil.
“Coupled with this week’s good manufacturing [data] from all over the world, it is bullish,” Varga said. “How long this sentiment is going to last is a different question. Generally, unemployment is still high on both sides of the Atlantic and the oil market seems to be well-supplied.”
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for October soared to US$77.24 from US$75.77 the previous week.
On the New York Mercantile Exchange, Texas light sweet crude for delivery in October jumped to US$75.07 a barrel compared with US$73.88.
BASE METALS: The prices of base or industrial metals rebounded sharply.
By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$7,697 a tonne from US$7,291.
GRAINS AND SOYA: Wheat prices rose amid poor growing conditions in key producer nations, and after Russia extended its grain export ban.
By Friday on the Chicago Board of Trade, wheat for delivery in December rose to US$7.33 a bushel from US$6.95 the previous week.
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
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