Mines- Prices- Markets

BSE Sensex provisionally ends down 2 pct august 4 2011

5:42 AM

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BSE Sensex provisionally ends down 2 pct august 4 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

(Reuters) - The BSE Sensex provisionally closed down 2 percent on Friday after fresh worries of a global economic downturn battered Asian equities.

The 30-share BSE index provisionally ended 354.49 points lower at 17,338.69, with all but four components declining.

The 50-share NSE index provisionally closed 2.02 percent down at 5,224.05 points.

(Reporting by Prashant Mehra; Editing by Aradhana Aravindan)

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Posted in gold, market, prices

Bloomberg Deputy Hired Much Fanfare Steps Down 2011

5:33 AM

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Bloomberg Deputy Hired Much Fanfare Steps Down 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Stephen Goldsmith, a high-profile deputy to Mayor Michael R. Bloomberg who came under fire for the city’s poor response to a crippling blizzard in December, announced on Thursday that he would leave his position after just 14 months in office.

Mr. Goldsmith, a former mayor of Indianapolis, was brought in by Mr. Bloomberg last year with much fanfare: a Harvard professor and expert in innovation poached from the ivory tower to reinvent city government.

But Mr. Goldsmith never seemed to master the day-to-day mechanics of New York’s sprawling government or relish the political intricacies of the job, and dissatisfaction with his performance became widespread in City Hall, according to two aides to Mr. Bloomberg who spoke on the condition of anonymity for fear of angering the mayor.

Mr. Goldsmith informed Mr. Bloomberg of his resignation this week. He is being replaced by Caswell F. Holloway, the commissioner of the city’s Department of Environmental Protection.

The departure is another setback for the mayor’s effort to bring fresh-faced outsiders — like Mr. Goldsmith and the publishing executive Cathleen P. Black, who briefly served as schools chancellor — into his administration to energize his third term.

In a statement, Mr. Goldsmith said he was leaving the administration to return to academic work and to pursue opportunities in the financial sector, though he has not yet lined up a job. Friends described his resignation as abrupt; he had been scheduling meetings and discussing policy proposals as recently as last week.

Mr. Goldsmith did not respond to interview requests on Thursday. “The change will provide me, at age 64, with more flexibility for me and my family and a secure foundation for our future,” he said in the statement.

Mr. Goldsmith, like Ms. Black, was seen by Mr. Bloomberg as a bold choice who could help shape what has seemed at times to be an unfocused third term. Instead, both of them clashed with those they supervised, struggled to master their jobs and became the subject of open sniping in City Hall.

Mr. Goldsmith’s position, as deputy mayor of operations, made him responsible for the city agencies by which New Yorkers measure the efficiency of their government: police, fire, transportation, sanitation and buildings.

His most visible moment on the job was also perhaps his lowest: he became the face of the city’s lackluster response to the Dec. 26 snowstorm. Many of the top city officials, including Mr. Bloomberg, were out of town during the storm. Mr. Goldsmith had been at his home in the Georgetown section of Washington, and on the evening of the snowstorm, he posted a message on his Twitter feed praising city workers, which many snowbound New Yorkers saw as out of touch. “Good snow work,” he wrote.

At a raucous City Council hearing after the blizzard, Mr. Goldsmith apologized several times and acknowledged wide-ranging mistakes.

From the day he took office in June 2010, Mr. Goldsmith, who regarded himself as a management guru but knew little about New York’s vast bureaucracy, repeatedly frustrated his colleagues, according to interviews with City Hall aides and advisers.

In his first major labor move, Mr. Goldsmith overruled the advice of some longtime city officials by announcing plans to demote 100 supervisors from the Sanitation Department and return them to the front lines.

The decision had two immediate consequences. It infuriated the head of the sanitation workers union, Harry Nespoli, who, as the leader of the powerful Municipal Labor Council, plays a crucial role in the city’s labor relations. And it angered the work force responsible for clearing snow just weeks before the blizzard.

Mr. Nespoli said Mr. Goldsmith had failed to listen to his warnings about low staffing levels and morale in the Sanitation Department. “You don’t come in and say, ‘I was in Indianapolis, and this is what we did there,’ ” he said. “That doesn’t work in New York.”

City Hall aides complained that, in meetings, Mr. Goldsmith emphasized management theory over political pragmatism. As a result, they said, conversations devolved at times into convoluted academic discussions that resolved little.

When City Hall staff members met to discuss the growing public outcry over the reconstruction of a major roadway in the Bronx, which was hurting beloved local trees, Mr. Goldsmith engaged in a discourse about eliminating risk in government. Those in the room were befuddled, according to people with knowledge of the meeting.

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Posted in america, gold, market, prices

The Falling Dollar makes The Falling Stock Market’s Evil Twin

5:27 AM

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The Falling Dollar makes The Falling Stock Market’s Evil Twin
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

All eyes have been on the plummeting stock market lately. Fewer have noted that the nation’s debt problems have sent the dollar into a downward spiral against currencies like the Swiss Franc and the Japanese Yen. It’s even losing ground against the battered Euro.

Now that stocks are tumbling, too, lawmakers may be more aware of the consequences of their bickering and inaction. In the meantime, however, the buck’s slide is taking a serious toll on many investors and retirees, not to mention our collective ego.

Let’s start with the ego thing.

The Chinese, who have at times pegged their currency to the dollar, are all over this issue, bullying us like we’re wimps on a playground. The Wall Street Journal reports that:

China’s state-run Xinhua news agency published biting commentary stating that the new debt-ceiling deal “failed to defuse Washington’s time bomb for good, only delaying an immediate detonation by making the fuse an inch longer.”

A small Chinese credit-ratings company downgraded U.S. debt and gave it a negative outlook. We’re now on par with Russia, South Africa and Estonia, according to the firm.

China’s central bank chief, Zhou Xiaochuan, called us out for inadequately addressing our debt problems, which he says, “encumber the global economic recovery.” China is the U.S.’s biggest foreign creditor and is increasingly looking for non-dollar investments for its massive reserve.

Russian Prime Minister Vladimir Putin is even pushing us around, calling the U.S. a “parasite” on the global economy.

This trash talk isn’t easy to stomach. So it’s become a presidential ritual to say the nation wants a strong dollar — or to say nothing at all — even as policymakers quietly embrace the weakening buck. It’s true that a weak dollar will, eventually, have salutary effects on U.S. exporters, whose goods become more competitively priced overseas — and that, eventually, will strengthen the economy. But in the meantime it’s a mixed bag for investors and retirees.

U.S. stocks have been under extreme pressure since the debt-ceiling deal, signaling worries that our increasingly limited options are shoving us toward a double-dip recession. Now, some are arguing that Treasury bonds are no longer risk free. Ouch. If such thinking spreads, interest rates are going higher.

In this environment, investors should tread cautiously in the stock market and lean toward foreign companies, U.S. and foreign multinationals, and small-to-midsized U.S. companies with a big export business. An immediate fixed annuity from a top-rated insurer along with short-term Treasury securities (rates may go up; you need instruments you can hold to maturity) is a good way to spread your risk with an income stream.

Retirees most likely to feel the effects of the weak dollar are those living on a fixed-income. As the dollar falls, foreign products get more expensive at home and a retirees’ income doesn’t go as far. Buying U.S.-made things will partly offset the markup. But just try finding a cell phone, light bulb, laptop or flat-screen TV made in the States.

Retirees who want to travel or even relocate overseas will feel the pinch. Your dollar-denominated income won’t go as far in many countries. Consider a trip (or relocation) to a place like Panama, where the currency is pegged to the dollar. That will be easier on your wallet, even if it does not suit your ego.

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Posted in america, market

crude oil price, gold price, crude oil prices, gold price per ounce, gold price in india, gold prices Nymex Oil Bounces Off Lows As Market Awaits US Job Data

5:23 AM

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crude oil price, gold price, crude oil prices, gold price per ounce, gold price in india, gold prices Nymex Oil Bounces Off Lows As Market Awaits US Job Data
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Nymex crude bounces off lows, retraces earlier rout in Asia trade

--Investors await US nonfarm payrolls data at 1230 GMT for direction on US economy

--Crude seen stabilizing unchanged to slightly up ahead of US job report

LONDON (Dow Jones)--Nymex crude oil futures Friday bounced off lows, retracing the over 4% drop in prices seen in early Asia trade as investors settled in to await U.S. employment data---a key indicator of the economic health of the world's largest oil consumer.

Crude futures are now expected to stabilize unchanged to slightly higher on the day as investors await the U.S. July nonfarm payroll report, due out at 1230 GMT, for signs of whether the world's largest economy is slipping into recession.

At 0945 GMT, the front-month September contract on the New York Mercantile Exchange was trading down 32 cents, or 0.4, at $86.31 a barrel. The front-month September Brent contract on London's ICE futures exchange was up $1.30, or 1.1%, at $108.55 a barrel

Nymex oil crashed in early Asia trade to $82.87 a barrel, the lowest level seen since Nov. 26, 2010, as sentiment deteriorated further following the plunge in equities markets that started Thursday and dragged other asset classes like commodities lower.

The low seen today on Nymex oil is down over 13% since the close on Friday, July 29.

Traders said the funds that trade on the closing price of Nymex crude came in Friday morning and sold oil, exacerbating the move downwards.

The oil price fell as investors pulled out of risky assets such as commodities to raise cash to pay margin calls on stock markets.

"It's an equity-led dump and all the people who are losing money on equities get out of commodities to pay their margins," said Andy Riddell head of derivatives at London Capital Group.

Brent September crude fell 2.8% in early trade to a low of $104.30 a barrel.

At 0939 GMT, the ICE's gasoil contract for August delivery was down $15.50, or 1.7%, at $918.50 per metric ton, while Nymex gasoline for August delivery was up 300 points, or 1.1%, at $2.7672 per gallon.

-By Selina Williams, Dow Jones Newswires; +44 207 842 9262; selina.williams@dowjones.com

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Posted in gold, market, oil, prices

Gold Price Today in Saudi Arabia Riyal (SAR)

6:05 AM

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Gold Price Today in Saudi Arabia Riyal (SAR)
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This page shows the current today's gold prices in Saudi Arabia in Saudi Arabian Riyal (SAR) according to the local timezone of Riyadh in addition to the last price of yesterday with calculation of the change percent. This includes gold prices in ounce and gram of all gold karats; karat 24, karat 22, karat 21, karat 18, and karat 14.
Update: We have added the ask and bid gold price in addition to details about the latest gold trades.

Last update: Monday 01st August 2011 11:00 am According to the time zone of Riyadh
Gold Unit Current Price
Monday 01st August 2011 Previous Price
Sunday 31st July 2011 Change Percent
Gold Ounce 6,107.36 6,107.36 0.00 %
Gold Pound 1,374.65 1,374.65
Gold Gram Karat 24 196.38 196.38
Gold Gram Karat 22 180.00 180.00
Gold Gram Karat 21 171.80 171.80
Gold Gram Karat 18 147.24 147.24
Gold Gram Karat 14 114.58 114.58