Economy

Gold jumps to eight-week high, lifting miner's share prices

Gold jumps to eight-week high, lifting miner's share prices

"If the market really believed that the reaction of north korea was imminent, I think it would drop much more" nuanced Alan Skrainka. Randgold Resources Ltd. and Barrick Gold Corp. were among the best performers, each gaining more than 2 per cent.

The pan-European FTSEurofirst 300 index lost 1.01 per cent and MSCI's gauge of stocks across the globe shed 0.26 per cent for a weekly loss of 1.6 per cent, the largest since the week to November 4.

The Nasdaq Composite Index plunged 2.1% to 6216.87 and the Standard & Poor's 500 Index dropped 1.45% to 2438.21.

Earlier, the dollar slipped as low as 108.91 yen, its weakest level since June 14, when the greenback fell as low as 108.81 yen.

AMC Entertainment Holdings, Inc. (NYSE:AMC) Stock Rating Reaffirmed by Citigroup Inc
As of quarter end Parametric Portfolio Associates LLC had bought a total of 151,672 shares growing its holdings by 154.3%. Following the transaction, the senior vice president now owns 40,705 shares in the company, valued at $957,381.60.

"It's a clear case of "risk-off" sentiment lifting the yen, as investors focus on the latest developments with North Korea", said Kumiko Ishikawa, FX market analyst at Sony Financial Holdings in Tokyo. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose and the Dow Jones U.S. defense index was up 1.6 percent after hitting a record high.

The U.S. central bank left its benchmark rate unchanged in July amid concerns about the slowdown in inflation but expressed optimism that its long-term target of about 2% inflation would be met.

With trading equally as quiet in the Eurozone, the Euro ended the London session unchanged, despite earlier falling below the 1.17 mark against the Dollar for the first time in nearly two weeks.

Markets are now awaiting United States consumer price data for July, due later today.

Up to 50 migrants 'deliberately drowned' off Yemen, UN says
Yemen is now going through a conflict and humanitarian crisis but the migrants go there to try to reach Europe or the Gulf states. An IOM spokesperson in Yemen told AFP the majority of the Ethiopian migrants appeared to be teenagers and young adults.

Amid the hot rhetoric, US stocks sold off sharply on Thursday, with the S&P 500 falling more than 1 percent.

"Standard safe haven instruments are still being preferred at this point, with the yen well bid against its peers and gold a little higher after seeing strong gains on Wednesday, while equities are getting no love", said Craig Erlam, senior market analyst, at Oanda.

European equities on Thursday did not find much relief from a pullback in the euro, with the shared currency buying $1.1730, down from $1.760 late Wednesday in NY.

The latest United States economic data cemented expectations that inflation will remain subdued amid a robust labour market.

Flash Flood Warning Issued For Eastern Douglas County Through 6 pm Wednesday
A flash flood warning has been issued for Douglas County east of Minden and Gardnerville by the National Weather Service. Heavy rainfall potential will increase with the next bout of storms, according to the weather service.

The yen jumped against the dollar - a negative for Japanese shares - as traders looked for safe investments after President Donald Trump vowed a devastating response to any escalation of Pyongyang's nuclear programme. This morning gold had reached $1,286.33 while gold for delivery in December rose 0.8% to $1,290.10. S&P 500 futures are down 0.24%, Nasdaq futures are down 0.27%, and Dow 30 futures are down 0.15%. Brent crude, used to price worldwide oils, added 26 cents to $52.96.


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