Gold extended gains on Monday, regaining its appeal as a hedge against inflation, as oil prices bounced from a seven-week low and encouraged some investors to put their money back into bullion.
Physical buying from jewellers also lifted prices but overall trading was slow. Gold barely reacted to a series of deadly bombs in India, the world's main consumer, which suggested investors were taking cues from energy and currency markets, dealers said.
Gold rose to $930.20/931.10 an ounce from $927.40/929.40 late in New York on Friday, when it moved in volatile $16 range. Gold was above last week's two-week low of $915.80 an ounce.
"There's a little bit of physical buying around," said Dick Poon, manager of precious metals at Heraeus Ltd in Hong Kong, who expected gold to find resistance at $932 and $935.
New York gold futures firmed on higher oil, while a weaker yen pushed up gold contracts in Tokyo precious metals futures, showing little reaction to the deadly blasts in India.
India's major cities were put on high alert on Sunday, with fears of more attacks after at least 46 people were killed in two days of bombings that hit a communally sensitive western city and a southern hi-tech hub.
In theory, geopolitical tensions boost gold's safe-haven appeal in times of uncertainty.
"Gold will probably continue on a slight bounce and hang around the $925-$930 region for now. We will probably face a bit of resistance around the $935 region," said Adrian Koh, an analyst at Phillip Futures in Singapore.
"We've got to see how the dollar does tonight though," said Koh, adding that the gains were also technically driven after the sharp sell-off to below the $920s level.
Oil added 14 cents to $123.43 a barrel, having fallen to as low as $122.50 on Friday, its lowest since June 5, on worries of slowing demand.
The euro was steady against the dollar at $1.5702.
Spot platinum rose to $1,748.50/1,768.50 an ounce from $1,745.00/1,765.00 late in New York.
Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange added $3.4 to $930.20 an ounce.
The most active Tokyo gold contract for June 2009 delivery on the Tokyo Commodity Exchange rose 27 yen per gram higher to 3,256 yen but was off last week's 25-year high of 3.363 yen.
Spot palladium rose to $384.50/392.50 an ounce from $380.50/388.50 late in New York. Silver edged up to $17.40/17.46 an ounce from $17.35/17.43 late in New York.
Precious metals prices at 0352 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 930.05 1.35 +0.15 11.69
Spot Silver 17.39 0.02 +0.12 17.74
Spot Platinum 1751.00 5.00 +0.29 15.20
Spot Palladium 384.50 3.50 +0.92 4.48
TOCOM Gold 3256.00 27.00 +0.84 6.41 17808
TOCOM Platinum 6045.00 145.00 +2.46 13.22 11269
TOCOM Silver 610.80 1.40 +0.23 12.90 591
TOCOM Palladium 1368.00 -3.00 -0.22 1.26 839
Euro/Dollar 1.5718
Dollar/Yen 107.83
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
Monday, July 28, 2008
CHRONOLOGY - Major attacks in India since 2003
India's major cities were put on high alert on Sunday, with fears of more attacks after at least 46 people were killed in two days of bombings that hit Ahmedabad and Bangalore.
Following is a chronology of some of the major attacks in India in the past five years:
March 13, 2003 - A bomb attack on a commuter train in Mumbai kills 11 people.
Aug. 25, 2003 - Two almost simultaneous car bombs kill about 60 in Mumbai.
Aug. 15, 2004 - Bomb explodes in Assam, killing 16 people, mostly schoolchildren, and wounding dozens.
Oct. 29, 2005 - Sixty-six people are killed when three blasts rip through markets in New Delhi.
March 7, 2006 - At least 15 people are killed and 60 wounded in three explosions in Varanasi.
July 11, 2006 - More than 180 people are killed in seven bomb explosions at railway stations and on trains in Mumbai, blamed on Islamist militants.
Sept. 8, 2006 - At least 32 people are killed in a series of explosions, including one near a mosque, in Malegaon town, 260 km northeast of Mumbai.
Feb. 19, 2007 - Two bombs explode aboard a train bound from India to Pakistan, burning to death at least 66 passengers, most of them Pakistanis.
May 18, 2007 - A bomb explodes during Friday prayers at a historic mosque in Hyderabad, killing 11 worshippers. Police later shoot dead five people in clashes with hundreds of enraged Muslims who protest against the attack.
Aug. 25, 2007 - Three explosions within minutes at an amusement park and a street-side food stall in Hyderabad kill at least 40 people.
May 13, 2008 - Seven bombs rip through the crowded streets of Jaipur, killing at least 63 people in markets and outside Hindu temples.
July 25, 2008 - Eight small bombs hit the IT city of Bangalore killing at least one woman and wounding at least 15.
July 26 - At least 16 small bombs explode in Ahmedabad in the state of Gujarat, killing at least 45 people and wounding 161. A little known group called the "Indian Mujahideen" claimed responsibility for the Ahmedabad attack. They also claimed responsibility for the May 13 attack in Jaipur.
Following is a chronology of some of the major attacks in India in the past five years:
March 13, 2003 - A bomb attack on a commuter train in Mumbai kills 11 people.
Aug. 25, 2003 - Two almost simultaneous car bombs kill about 60 in Mumbai.
Aug. 15, 2004 - Bomb explodes in Assam, killing 16 people, mostly schoolchildren, and wounding dozens.
Oct. 29, 2005 - Sixty-six people are killed when three blasts rip through markets in New Delhi.
March 7, 2006 - At least 15 people are killed and 60 wounded in three explosions in Varanasi.
July 11, 2006 - More than 180 people are killed in seven bomb explosions at railway stations and on trains in Mumbai, blamed on Islamist militants.
Sept. 8, 2006 - At least 32 people are killed in a series of explosions, including one near a mosque, in Malegaon town, 260 km northeast of Mumbai.
Feb. 19, 2007 - Two bombs explode aboard a train bound from India to Pakistan, burning to death at least 66 passengers, most of them Pakistanis.
May 18, 2007 - A bomb explodes during Friday prayers at a historic mosque in Hyderabad, killing 11 worshippers. Police later shoot dead five people in clashes with hundreds of enraged Muslims who protest against the attack.
Aug. 25, 2007 - Three explosions within minutes at an amusement park and a street-side food stall in Hyderabad kill at least 40 people.
May 13, 2008 - Seven bombs rip through the crowded streets of Jaipur, killing at least 63 people in markets and outside Hindu temples.
July 25, 2008 - Eight small bombs hit the IT city of Bangalore killing at least one woman and wounding at least 15.
July 26 - At least 16 small bombs explode in Ahmedabad in the state of Gujarat, killing at least 45 people and wounding 161. A little known group called the "Indian Mujahideen" claimed responsibility for the Ahmedabad attack. They also claimed responsibility for the May 13 attack in Jaipur.
'Dark Knight' overshadows box office rivals again
Batman buried his rivals at the North American box office for a second weekend on Sunday, racing past $300 million in a record 10 days.
The Caped Crusader's blockbuster outing, "The Dark Knight," sold an estimated $75.6 million worth of tickets during the three days beginning Friday, taking its total to $314.2 million, distributor Warner Bros. Pictures said.
A week after it scored a record-breaking $158 million opening, "The Dark Knight" added a new title to its impressive list of superlatives: the best second weekend, surpassing the holiday-boosted $72 million haul of 2004's "Shrek 2."
The $180 million movie, which stars Christian Bale as Batman and late actor Heath Ledger as the anarchic Joker, has reportedly been drawing strong repeat business, and also has piqued the interest of people who avoid superhero flicks or rarely go to the movies at all.
"The Dark Knight" now ranks as the second-biggest movie of the year, just behind the $315 million haul of "Iron Man," and the 23rd-biggest of all time.
The previous speed record for a $300 million film was 16 days set by "Pirates of the Caribbean: Dead Man's Chest" in 2006. The next target is $400 million, which took "Shrek 2" 43 days to reach. Warner Bros. distribution president Dan Fellman predicted "The Dark Knight" would take just 18 days to reach that milestone.
"Where we go from there, it's uncharted waters," Fellman said.
The last movie to break $400 million was the 2006 "Pirates of the Caribbean" movie, which ranks No. 6 on the all-time list with $423 million. The 1997 epic "Titanic" leads the field with $601 million.
"STEP BROTHERS" STRONG
Elsewhere, the Columbia Pictures comedy "Step Brothers," starring Will Ferrell and John C. Reilly as perpetual adolescents, opened surprisingly strongly at No. 2 with $30 million. The 20th Century Fox sci-fi sequel "The X-Files: I Want to Believe" came in at No. 4 with $10.2 million, a figure at the lower end of expectations.
In between, Universal Pictures' ABBA-inspired musical romance "Mamma Mia!" slipped one place to No. 3 with $17.8 million while its 10-day total rose to $62.7 million.
"Step Brothers" represents a strong rebound for Ferrell and Reilly, following their recent respective bombs "Semi-Pro" and "Walk Hard." The actors, along with director Adam McKay, previously worked together in the hit 2006 comedy "Talladega Nights: The Ballad of Ricky Bobby."
Industry pundits had forecast a $25 million opening for the $65 million film, which received mixed reviews from critics. Ferrell and Reilly's emotionally stunted characters are forced to live together when their single parents marry. Two-thirds of the male-skewing audience was aged under 25, Columbia said.
"The X-Files: I Want to Believe" also marks a reunion, this time between former FBI agents Mulder (David Duchovny) and Scully (Gillian Anderson). But it failed to spark much enthusiasm among fans or critics. Fox said it had targeted an opening in the $10 million to $15 million range.
"We made it for the fans and they have come out," said Chris Aronson, senior VP of distribution at the News Corp-owned studio.
The sci-fi mystery comes to screens six years after the underlying TV series "The X-Files" ended its run, and a decade after the first big-screen spinoff. That film, also called "The X-Files" opened to $30 million on its way to $84 million domestically.
The $30 million sequel marks the third consecutive disappointment in as many weeks for Fox, following the Eddie Murphy comedy "Meet Dave" and then the animated "Space Chimps." The studio, noted for keeping costs down and sharing the risk with outside partners, has had a quiet year highlighted by the early-spring release "Dr. Seuss' Horton Hears a Who," which grossed $154 million domestically. Next up is the Aug. 15 horror film "Mirrors" starring Kiefer Sutherland.
Warner Bros. is a unit of Time Warner Inc. Columbia Pictures is a unit of Sony Corp while Universal Pictures is a unit of General Electric Co.
The Caped Crusader's blockbuster outing, "The Dark Knight," sold an estimated $75.6 million worth of tickets during the three days beginning Friday, taking its total to $314.2 million, distributor Warner Bros. Pictures said.
A week after it scored a record-breaking $158 million opening, "The Dark Knight" added a new title to its impressive list of superlatives: the best second weekend, surpassing the holiday-boosted $72 million haul of 2004's "Shrek 2."
The $180 million movie, which stars Christian Bale as Batman and late actor Heath Ledger as the anarchic Joker, has reportedly been drawing strong repeat business, and also has piqued the interest of people who avoid superhero flicks or rarely go to the movies at all.
"The Dark Knight" now ranks as the second-biggest movie of the year, just behind the $315 million haul of "Iron Man," and the 23rd-biggest of all time.
The previous speed record for a $300 million film was 16 days set by "Pirates of the Caribbean: Dead Man's Chest" in 2006. The next target is $400 million, which took "Shrek 2" 43 days to reach. Warner Bros. distribution president Dan Fellman predicted "The Dark Knight" would take just 18 days to reach that milestone.
"Where we go from there, it's uncharted waters," Fellman said.
The last movie to break $400 million was the 2006 "Pirates of the Caribbean" movie, which ranks No. 6 on the all-time list with $423 million. The 1997 epic "Titanic" leads the field with $601 million.
"STEP BROTHERS" STRONG
Elsewhere, the Columbia Pictures comedy "Step Brothers," starring Will Ferrell and John C. Reilly as perpetual adolescents, opened surprisingly strongly at No. 2 with $30 million. The 20th Century Fox sci-fi sequel "The X-Files: I Want to Believe" came in at No. 4 with $10.2 million, a figure at the lower end of expectations.
In between, Universal Pictures' ABBA-inspired musical romance "Mamma Mia!" slipped one place to No. 3 with $17.8 million while its 10-day total rose to $62.7 million.
"Step Brothers" represents a strong rebound for Ferrell and Reilly, following their recent respective bombs "Semi-Pro" and "Walk Hard." The actors, along with director Adam McKay, previously worked together in the hit 2006 comedy "Talladega Nights: The Ballad of Ricky Bobby."
Industry pundits had forecast a $25 million opening for the $65 million film, which received mixed reviews from critics. Ferrell and Reilly's emotionally stunted characters are forced to live together when their single parents marry. Two-thirds of the male-skewing audience was aged under 25, Columbia said.
"The X-Files: I Want to Believe" also marks a reunion, this time between former FBI agents Mulder (David Duchovny) and Scully (Gillian Anderson). But it failed to spark much enthusiasm among fans or critics. Fox said it had targeted an opening in the $10 million to $15 million range.
"We made it for the fans and they have come out," said Chris Aronson, senior VP of distribution at the News Corp-owned studio.
The sci-fi mystery comes to screens six years after the underlying TV series "The X-Files" ended its run, and a decade after the first big-screen spinoff. That film, also called "The X-Files" opened to $30 million on its way to $84 million domestically.
The $30 million sequel marks the third consecutive disappointment in as many weeks for Fox, following the Eddie Murphy comedy "Meet Dave" and then the animated "Space Chimps." The studio, noted for keeping costs down and sharing the risk with outside partners, has had a quiet year highlighted by the early-spring release "Dr. Seuss' Horton Hears a Who," which grossed $154 million domestically. Next up is the Aug. 15 horror film "Mirrors" starring Kiefer Sutherland.
Warner Bros. is a unit of Time Warner Inc. Columbia Pictures is a unit of Sony Corp while Universal Pictures is a unit of General Electric Co.
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