A key suspect in the Indore-Patna Express derailment in Kanpur&nbsp;was arrested from Nepal&#39;s Tribhuvan International Airport on Monday&nbsp;after he was deported from Dubai.&nbsp;

A special team comprising of Nepal police captured Samshul Hoda along with three others.&nbsp;

During interrogation, Brij Kishor Giri, Ashish Singh and Umesh Kumar Kurmi, provided leads about the Indore-Patna Express derailment which left 150 dead.&nbsp;

The three belong to Kalaiya district in southern Nepal.

Deputy inspector general of police (DIG) Pashupati Upadhyaya said, &quot;We have heard that Hoda is wanted in a railway accident that took place in Kanpur last year killing 150 people.&quot;

&quot;Nepal Police will also work in close coordination with the Indian Police for Hoda&#39;s alleged involvement in criminal activities in India.&quot;

Hoda is believed to be an ISI agent after three people arrested by the Bihar police said they were working for the Pakistan intelligence agency to carry out attacks on Indian railways.&nbsp;

The Bihar police said&nbsp;the three were paid Rs three lakh (approx. $4,500) by a Nepali man who had links to Hoda.

(WION with inputs from agencies)

Spot gold was down 0.4 per cent at $1,225.42 per ounce by 0326 GMT. On Wednesday, it touched its highest since November 11 at $1,244.67

A key suspect in the Indore-Patna Express derailment in Kanpur was arrested from Nepal's Tribhuvan International Airport on Monday after he was deported from Dubai. A special team comprising of Nepal police captured Samshul Hoda along with three others. During interrogation, Brij Kishor Giri, Ashish Singh and Umesh Kumar Kurmi, provided leads about the Indore-Patna Express derailment which left 150 dead. The three belong to Kalaiya district in southern Nepal. Deputy inspector general of police (DIG) Pashupati Upadhyaya said, "We have heard that Hoda is wanted in a railway accident that took place in Kanpur last year killing 150 people." "Nepal Police will also work in close coordination with the Indian Police for Hoda's alleged involvement in criminal activities in India." Hoda is believed to be an ISI agent after three people arrested by the Bihar police said they were working for the Pakistan intelligence agency to carry out attacks on Indian railways. The Bihar police said the three were paid Rs three lakh (approx. $4,500) by a Nepali man who had links to Hoda. (WION with inputs from agencies)

Gold falls on Trump tax pledge, US rate hike expectations

Indian stocks cut losses and the rupee turned positive on Wednesday as the country&rsquo;s move to withdraw larger banknotes from circulation was seen as a positive for the economy, ushering transparency and leading to easing inflation.

The recovery offset an initial bout of uncertainty about the banking measures, which had been compounded as Republican candidate Donald Trump shocked investors by winning the US presidential election.

The broader NSE Nifty ended down 1.3 per cent after earlier falling as much as 6.3 per cent, while the rupee strengthened to a one-month high after earlier falls had prompted the central bank to intervene in currency markets. Bonds held on to gains from earlier in the session.

Indian Prime Minister Narendra Modi&rsquo;s unexpected announcement on Tuesday to remove from circulation 500 and 1,000 rupee notes was seen as likely to hit consumer demand in the short-term.

But any pain will turn to longer-term gains, as it will help usher in transparency, boost taxes and lower inflation, economists said.

Rupee

The domestic currency opened lower at 66.70 as against yesterday&#39;s closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market.

Later, it spiralled downward and languished between 66.90 and 66.70 during morning deals, it was still quoting 66.90 at 1045 hrs.

Meanwhile, the dollar Index was dropped by 2.06 per cent at 95.91 against a basket of six currencies in the early trade.

In overseas market, the US dollar sank more than three per cent versus yen and turned tail against other major peers in early Asian trade amid extremely volatile trade in global market.

The move hit consumer demand, as well as sectors long suspected to have been fuelled by illicit funds, such as gold and property, where many transactions are cash-based.

Real estate hit

Real estate shares were among the biggest decliners, reflecting a belief that large amounts of black money are steered towards property transactions. The Nifty Reality index ended down 1.6 per cent, with DLF Ltd, India&rsquo;s biggest property developer, down 17.3 per cent.

But banking shares recovered from earlier falls with the Nifty Bank sub-index ending flat after earlier falling as much as 7 per cent as coffers are expected to swell when people start tendering their cash.

Sectors with exposure to the US economy were among the biggest decliners due to uncertainty about Trump&rsquo;s presidency. The Nifty IT index, which exports heavily to the United States, ended down 3.25 per cent.

Investors lose Rs 1.75 lakh cr in market crash

Stock market investors became poorer by Rs 1.75 lakh crore today amid sharp sell-off in key indices after Donald Trump&#39;s victory in the US election and the government&#39;s decision to withdraw high-value currency notes.

The overall investor wealth measured in terms of valuation of all listed stocks on BSE fell Rs 1,75,192 crore to Rs 1,09,68,808 crore at the end of trade.

During the morning session, the total investor wealth was down by nearly Rs 6 lakh crore.

Market sentiment took a hit also on the government&#39;s sudden action to ban Rs 500 and Rs 1,000 currency notes in order to curb black money.

&quot;The double-whammy of US electoral prospects and Prime Minister&#39;s demonetisation steps announcement overnight had sunk Indian equities earlier in the day. The disruptive nature of the overnight announcement caught markets by surprise and deflated sentiment which were already on a low following global cues. The clampdown effect was more seen in realty sector where cash is still king,&quot; said Anand James, chief market strategist, Geojit BNP Paribas to PTI.

&quot;However, markets soon appreciated the long-term positives of the drive, which was followed by value buying across the board, staging a vertical recovery from the day&#39;s lows,&quot; he added.

Gold at 3-year high

Gold prices in India today shot up to three-year high of Rs 31,750 per ten gram,&nbsp;gaining a whopping Rs 900, following the government&#39;s scrapping high-denomination notes to curb black money and a firming trend overseas in view of Donald Trump&#39;s victory in US presidential election.

It was gold&#39;s highest closing level of Rs 31,820 after November 19, 2013 in the bullion&nbsp;market here.

India imports huge quantities of gold to meet domestic demand.

Sentiment also got a boost after gold jumped nearly 5 per cent in global market to its&nbsp;strongest in more than five weeks as investors sought safe havens in view of Trump&#39;s victory over Democrat Hillary Clinton in the US election.

Gold in Singapore, which normally sets the price trend in the market here, soared as much as 4.8 per cent, the biggest intra-day surge since June to USD 1,337.38 an ounce.

Silver also reclaimed Rs 45,000 per kg mark by registering a steep rise of Rs 1,150, largely in tandem with global trend as money flew to safe-haven investments following melting global equities.

Bullion traders said a significant rise of 3.43 per cent gold prices on the Multi Commodity Exchange further supported the uptrend, indicating more demand for the precious metals in coming sessions.

Some now expect the RBI to make deeper cuts to the repo rate than expected&nbsp;after it&nbsp;lowered it by a quarter percentage point last month.

For the government, increased transparency could yield more revenues. UBS estimated the government could reap an additional $30 billion in taxes, a vital support for a country that has long struggled to contain its fiscal deficits.

The decision is designed to bring billions of dollars in unaccounted wealth into the&nbsp;mainstream economy and to tackle India&rsquo;s rampant corruption and counterfeit currency&nbsp;problems.

Only around three percent of Indians pay any income tax at all and they face the prospect of serious scrutiny if they cannot account for a sudden increase in their bank balance.&nbsp;

Religious institutions

Temples and ashrams, where lavish donations can be a front for money-laundering, will be figuring out what to do next, as will those running illegal cricket betting rings and property dealers who often deal in black money.

(WION with agencies)

The decision to remove from circulation 500 and 1,000 rupee notes was seen as likely to hit consumer demand in the short-term

Indian stocks cut losses and the rupee turned positive on Wednesday as the country’s move to withdraw larger banknotes from circulation was seen as a positive for the economy, ushering transparency and leading to easing inflation. The recovery offset an initial bout of uncertainty about the banking measures, which had been compounded as Republican candidate Donald Trump shocked investors by winning the US presidential election. The broader NSE Nifty ended down 1.3 per cent after earlier falling as much as 6.3 per cent, while the rupee strengthened to a one-month high after earlier falls had prompted the central bank to intervene in currency markets. Bonds held on to gains from earlier in the session. Indian Prime Minister Narendra Modi’s unexpected announcement on Tuesday to remove from circulation 500 and 1,000 rupee notes was seen as likely to hit consumer demand in the short-term. But any pain will turn to longer-term gains, as it will help usher in transparency, boost taxes and lower inflation, economists said. Rupee The domestic currency opened lower at 66.70 as against yesterday's closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market. Later, it spiralled downward and languished between 66.90 and 66.70 during morning deals, it was still quoting 66.90 at 1045 hrs. Meanwhile, the dollar Index was dropped by 2.06 per cent at 95.91 against a basket of six currencies in the early trade. In overseas market, the US dollar sank more than three per cent versus yen and turned tail against other major peers in early Asian trade amid extremely volatile trade in global market. The move hit consumer demand, as well as sectors long suspected to have been fuelled by illicit funds, such as gold and property, where many transactions are cash-based. Real estate hit Real estate shares were among the biggest decliners, reflecting a belief that large amounts of black money are steered towards property transactions. The Nifty Reality index ended down 1.6 per cent, with DLF Ltd, India’s biggest property developer, down 17.3 per cent. But banking shares recovered from earlier falls with the Nifty Bank sub-index ending flat after earlier falling as much as 7 per cent as coffers are expected to swell when people start tendering their cash. Sectors with exposure to the US economy were among the biggest decliners due to uncertainty about Trump’s presidency. The Nifty IT index, which exports heavily to the United States, ended down 3.25 per cent. Investors lose Rs 1.75 lakh cr in market crash Stock market investors became poorer by Rs 1.75 lakh crore today amid sharp sell-off in key indices after Donald Trump's victory in the US election and the government's decision to withdraw high-value currency notes. The overall investor wealth measured in terms of valuation of all listed stocks on BSE fell Rs 1,75,192 crore to Rs 1,09,68,808 crore at the end of trade. During the morning session, the total investor wealth was down by nearly Rs 6 lakh crore. Market sentiment took a hit also on the government's sudden action to ban Rs 500 and Rs 1,000 currency notes in order to curb black money. "The double-whammy of US electoral prospects and Prime Minister's demonetisation steps announcement overnight had sunk Indian equities earlier in the day. The disruptive nature of the overnight announcement caught markets by surprise and deflated sentiment which were already on a low following global cues. The clampdown effect was more seen in realty sector where cash is still king," said Anand James, chief market strategist, Geojit BNP Paribas to PTI. "However, markets soon appreciated the long-term positives of the drive, which was followed by value buying across the board, staging a vertical recovery from the day's lows," he added. Gold at 3-year high Gold prices in India today shot up to three-year high of Rs 31,750 per ten gram, gaining a whopping Rs 900, following the government's scrapping high-denomination notes to curb black money and a firming trend overseas in view of Donald Trump's victory in US presidential election. It was gold's highest closing level of Rs 31,820 after November 19, 2013 in the bullion market here. India imports huge quantities of gold to meet domestic demand. Sentiment also got a boost after gold jumped nearly 5 per cent in global market to its strongest in more than five weeks as investors sought safe havens in view of Trump's victory over Democrat Hillary Clinton in the US election. Gold in Singapore, which normally sets the price trend in the market here, soared as much as 4.8 per cent, the biggest intra-day surge since June to USD 1,337.38 an ounce. Silver also reclaimed Rs 45,000 per kg mark by registering a steep rise of Rs 1,150, largely in tandem with global trend as money flew to safe-haven investments following melting global equities. Bullion traders said a significant rise of 3.43 per cent gold prices on the Multi Commodity Exchange further supported the uptrend, indicating more demand for the precious metals in coming sessions. Some now expect the RBI to make deeper cuts to the repo rate than expected after it lowered it by a quarter percentage point last month. For the government, increased transparency could yield more revenues. UBS estimated the government could reap an additional $30 billion in taxes, a vital support for a country that has long struggled to contain its fiscal deficits. The decision is designed to bring billions of dollars in unaccounted wealth into the mainstream economy and to tackle India’s rampant corruption and counterfeit currency problems. Only around three percent of Indians pay any income tax at all and they face the prospect of serious scrutiny if they cannot account for a sudden increase in their bank balance. Religious institutions Temples and ashrams, where lavish donations can be a front for money-laundering, will be figuring out what to do next, as will those running illegal cricket betting rings and property dealers who often deal in black money. (WION with agencies)

Indian currency withdrawal, Trump win: What it means for rupee, gold, real estate

Gold&nbsp;rose today&nbsp;as the dollar slid after a weaker-than-expected US&nbsp;jobs data trimmed expectations of a Federal Reserve rate hike in September.

US&nbsp;employment growth slowed more than expected in August after two straight months of robust gains and wages were tepid.

&quot;The disappointment in the nonfarm payrolls data has been translated into optimism for&nbsp;goldprices at the moment. We can expect prices to further rebound to $1,350 in a short-term,&quot; said Mark To, head of research at Hong Kong&#39;s Wing Fung Financial Group.

Spot&nbsp;gold&nbsp;was up about 0.2 per cent at $1,326.83 per ounce by 0652 GMT. The metal rose as much as over 1 per cent on Friday.

U.S.&nbsp;gold&nbsp;futures were up 0.3 per cent at $1,330.50.

&quot;Gold&nbsp;should continue to see interest support following Friday&#39;s jobs data as the chances of an interest rate rise in September pull back,&quot; MKS PAMP Group precious metals trader Sam Laughlin said in a note.

&quot;The support broadly sits around $1,315 - $1,320, while bulls will be looking for a break above $1,330,&quot; Laughlin said, adding that there was good buying interest from Japan on Monday.

Trading on Monday is expected to be quiet with the US&nbsp;out for the Labour Day holiday.

Spot&nbsp;gold&nbsp;may retrace to a support at $1,315 per ounce, as it failed to break a resistance at $1,330, according to Reuters technical analyst Wang Tao.

On Friday, Richmond Federal Reserve Bank President Jeffrey Lacker said the US&nbsp;economy appears strong enough to warrant significantly higher interest rates.

Wall Street&#39;s biggest banks are sticking to bets that the Fed will raise interest rates once this year, and the increase would most likely occur in December after a tepid employment report for August quashed most talk of a move as early as this month.

Hedge funds and money managers reduced their bullish stance in COMEX&nbsp;gold&nbsp;contracts in the week to Aug. 30 to the lowest in nearly three months, US&nbsp;Commodity Futures Trading Commission (CFTC) data showed on Friday.

&quot;Longs (positions) have been suffering from price correction and would be quite hard for them to sustain when prices are volatile. Speculators have to cut losses somehow,&quot; Wing Fung analyst To said.

The dollar&#39;s index against a basket of six major currencies was down 0.2 per cent at 95.664. A stronger greenback makes dollar-denominated&nbsp;gold&nbsp;more expensive for holders of other currencies.

Spot silver was mostly flat at $19.40 an ounce, hovering near a two-week high of $19.44 hit on Friday.
(Reuters) 
 
&nbsp;

US?employment growth slowed more than expected in August after two straight months of robust gains

Gold rose today as the dollar slid after a weaker-than-expected US jobs data trimmed expectations of a Federal Reserve rate hike in September. US employment growth slowed more than expected in August after two straight months of robust gains and wages were tepid. "The disappointment in the nonfarm payrolls data has been translated into optimism for goldprices at the moment. We can expect prices to further rebound to $1,350 in a short-term," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. Spot gold was up about 0.2 per cent at $1,326.83 per ounce by 0652 GMT. The metal rose as much as over 1 per cent on Friday. U.S. gold futures were up 0.3 per cent at $1,330.50. "Gold should continue to see interest support following Friday's jobs data as the chances of an interest rate rise in September pull back," MKS PAMP Group precious metals trader Sam Laughlin said in a note. "The support broadly sits around $1,315 - $1,320, while bulls will be looking for a break above $1,330," Laughlin said, adding that there was good buying interest from Japan on Monday. Trading on Monday is expected to be quiet with the US out for the Labour Day holiday. Spot gold may retrace to a support at $1,315 per ounce, as it failed to break a resistance at $1,330, according to Reuters technical analyst Wang Tao. On Friday, Richmond Federal Reserve Bank President Jeffrey Lacker said the US economy appears strong enough to warrant significantly higher interest rates. Wall Street's biggest banks are sticking to bets that the Fed will raise interest rates once this year, and the increase would most likely occur in December after a tepid employment report for August quashed most talk of a move as early as this month. Hedge funds and money managers reduced their bullish stance in COMEX gold contracts in the week to Aug. 30 to the lowest in nearly three months, US Commodity Futures Trading Commission (CFTC) data showed on Friday. "Longs (positions) have been suffering from price correction and would be quite hard for them to sustain when prices are volatile. Speculators have to cut losses somehow," Wing Fung analyst To said. The dollar's index against a basket of six major currencies was down 0.2 per cent at 95.664. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies. Spot silver was mostly flat at $19.40 an ounce, hovering near a two-week high of $19.44 hit on Friday. (Reuters)

Gold up in wake of weak US jobs data

As Olympic under-achievers India head home from&nbsp;Rio&nbsp;having failed to win a gold medal, its gate-crashing, selfie-taking officials have been accused of failing to help its athletes taste success.

A string of below-par performances saw India win just two medals at the Games, fewer than the six clinched during their best-ever performance in London four years earlier.

Badminton champion PV&nbsp;Sindhu&#39;s silver towards the end of the&nbsp;Rio&nbsp;Games sparked an outpouring of national pride and celebrations, along with wrestler Sakshi Malik&#39;s bronze.

But reports during the competition of Indian officials seemingly living it up in&nbsp;Rio, while athletes struggled to make it through qualifying, sparked anger back home and raised questions about the commitment of those in charge.

&quot;Officials do not have the welfare of the athletes on their mind. All they are bothered about is having a good time,&quot; Aslam Sher Khan, India&#39;s former hockey Olympian, said.

&quot;While other countries have scripted a turnaround in their fortune like the UK, we sadly continue to languish in mediocrity,&quot; he said.

&quot;We have become the laughing stock of the world.&quot;

Indian sports minister Vijay Goel has described as a &quot;misunderstanding&quot; reports that his entourage tried to muscle unaccredited people accompanying him into Olympic venues.

Rio&nbsp;organisers reportedly accused his entourage of &quot;aggressive and rude behaviour&quot; and threatened to cancel his accreditation, prompting Goel to deny any involvement. 
 
The minister also sparked ridicule on social media after praising one of India&#39;s athletes on Twitter, only to use a photo of a different one.

And the Indian Express newspaper accused him of spending his time in&nbsp;Rio&nbsp;taking selfies with &quot;exhausted Indian athletes&quot;,&nbsp;after posting a picture of himself ringside with just defeated boxer Vikas Krishan Yadav.

The incidents come as little surprise to observers who have long accused sport administrators of being more concerned about protecting their own fiefdoms than targeting success.

At the 2014 Winter Olympics, India suffered the humiliation of being banned from flying its flag at the opening ceremony following corruption concerns.

The Indian Olympic Association (IOA) suffered a 14-month ban which was only lifted after it elected new leaders, excluding those who had been accused of corruption over the chaotic organisation of the 2010 Commonwealth Games in Delhi.

India&#39;s only individual Olympic gold medallist, shooter Abhinav Bindra, said he was fed up with apathetic officials, some of whom were unqualified for the job and were not being held accountable for a lack of success on the field.

&quot;I won&#39;t get angry and spoil my own health. It happens every time and that is the way it is,&quot; the shooter, who won gold in Beijing in 2008 and finished fourth in&nbsp;Rio, told NDTV network.

&quot;We need a complete overhaul of the system. We need more experts coming in... I have no problem with a politician if he can bring something to the table.&quot; 
 
India&#39;s anti-doping officials were also left red-faced in&nbsp;Rio&nbsp;after wrestler Narsingh Yadav was banned for four years for failing drug tests -- overturning India&#39;s earlier decision to allow him to compete.

Indian officials had cleared Yadav just days before&nbsp;Rio, accepting his defence that a rival spiked his food supplements, after failing two tests for a banned steroid.

The World Anti-Doping Agency swiftly challenged the decision in the Court of Arbitration for Sport which found &quot;no evidence&quot; of such contamination.

&#39;Not bothered&#39;

India, a country obsessed with cricket, has never finished high on the medal table, winning just 28 from 24 Olympic appearances.

But India, with a population of more than a billion people and enjoying strong economic growth, had been targeting 10 medals in&nbsp;Rio&nbsp;and sent its largest ever squad.

India&#39;s government spent about 1.2 billion rupees ($18 million), however, preparing the athletes, according to the sports ministry, a fraction of the amount forked out by China, Britain and other countries.

With the lack of silverware becoming evident, media began focusing on the officials, including a former IOA chief, currently facing trial in a corruption case, seen attending the Games with an accreditation pass.

Veteran journalist K. Jagannadha Rao who has covered six Olympics said such incidents involving officials were not unusual.

Khan, one of the few Indians to have tasted success when the hockey team won bronze at the 1972 Munich Olympics, agreed, saying few lessons had been learnt over the years. 
 
&quot;They are simply not bothered if the country is winning medals or not.&quot; 
 
(AFP)

Former athletes were unanimous in their condemnation of callous officials at the Games

As Olympic under-achievers India head home from Rio having failed to win a gold medal, its gate-crashing, selfie-taking officials have been accused of failing to help its athletes taste success. A string of below-par performances saw India win just two medals at the Games, fewer than the six clinched during their best-ever performance in London four years earlier. Badminton champion PV Sindhu's silver towards the end of the Rio Games sparked an outpouring of national pride and celebrations, along with wrestler Sakshi Malik's bronze. But reports during the competition of Indian officials seemingly living it up in Rio, while athletes struggled to make it through qualifying, sparked anger back home and raised questions about the commitment of those in charge. "Officials do not have the welfare of the athletes on their mind. All they are bothered about is having a good time," Aslam Sher Khan, India's former hockey Olympian, said. "While other countries have scripted a turnaround in their fortune like the UK, we sadly continue to languish in mediocrity," he said. "We have become the laughing stock of the world." Indian sports minister Vijay Goel has described as a "misunderstanding" reports that his entourage tried to muscle unaccredited people accompanying him into Olympic venues. Rio organisers reportedly accused his entourage of "aggressive and rude behaviour" and threatened to cancel his accreditation, prompting Goel to deny any involvement. The minister also sparked ridicule on social media after praising one of India's athletes on Twitter, only to use a photo of a different one. And the Indian Express newspaper accused him of spending his time in Rio taking selfies with "exhausted Indian athletes", after posting a picture of himself ringside with just defeated boxer Vikas Krishan Yadav. The incidents come as little surprise to observers who have long accused sport administrators of being more concerned about protecting their own fiefdoms than targeting success. At the 2014 Winter Olympics, India suffered the humiliation of being banned from flying its flag at the opening ceremony following corruption concerns. The Indian Olympic Association (IOA) suffered a 14-month ban which was only lifted after it elected new leaders, excluding those who had been accused of corruption over the chaotic organisation of the 2010 Commonwealth Games in Delhi. India's only individual Olympic gold medallist, shooter Abhinav Bindra, said he was fed up with apathetic officials, some of whom were unqualified for the job and were not being held accountable for a lack of success on the field. "I won't get angry and spoil my own health. It happens every time and that is the way it is," the shooter, who won gold in Beijing in 2008 and finished fourth in Rio, told NDTV network. "We need a complete overhaul of the system. We need more experts coming in... I have no problem with a politician if he can bring something to the table." India's anti-doping officials were also left red-faced in Rio after wrestler Narsingh Yadav was banned for four years for failing drug tests -- overturning India's earlier decision to allow him to compete. Indian officials had cleared Yadav just days before Rio, accepting his defence that a rival spiked his food supplements, after failing two tests for a banned steroid. The World Anti-Doping Agency swiftly challenged the decision in the Court of Arbitration for Sport which found "no evidence" of such contamination. 'Not bothered' India, a country obsessed with cricket, has never finished high on the medal table, winning just 28 from 24 Olympic appearances. But India, with a population of more than a billion people and enjoying strong economic growth, had been targeting 10 medals in Rio and sent its largest ever squad. India's government spent about 1.2 billion rupees ($18 million), however, preparing the athletes, according to the sports ministry, a fraction of the amount forked out by China, Britain and other countries. With the lack of silverware becoming evident, media began focusing on the officials, including a former IOA chief, currently facing trial in a corruption case, seen attending the Games with an accreditation pass. Veteran journalist K. Jagannadha Rao who has covered six Olympics said such incidents involving officials were not unusual. Khan, one of the few Indians to have tasted success when the hockey team won bronze at the 1972 Munich Olympics, agreed, saying few lessons had been learnt over the years. "They are simply not bothered if the country is winning medals or not." (AFP)

Rio Olympics 2016: 'Selfie-clicking' officials draw flak for India's dire performance

Usain Bolt brought the curtain down on his Olympic career with a record-equalling ninth gold medal on Friday, anchoring Jamaica to relay glory in a perfectly-scripted finale to complete his unprecedented &quot;triple-triple.&quot; 
 
The 29-year-old superstar, widely seen as the greatest sprinter in history, stormed over the line in 37.27sec to trigger an eruption of adulation in the Olympic Stadium. 
 
Japan&#39;s quartet took a surprise silver in 37.60sec while the United States claimed bronze in 37.62. 
 
The victory saw Bolt complete a third consecutive clean sweep of the 100m, 200m and 4x100m titles following his six gold medals in the 2008 and 2012 Games. 
 
It leaves Bolt,&nbsp;who will retire in 2017,&nbsp;level with Carl Lewis and Paavo Nurmi on a total of nine Olympic gold medals, a record for a track and field athlete. 
 
The relay gold was the final act of an incredible Olympic career that redefined athletics and often left commentators scrambling to find a new vocabulary of superlatives as each new milestone came and went. 
 
On Sunday Bolt became the first man in history to win a hat-trick of 100m gold medals. 
 
He then followed that up with Thursday&#39;s barnstorming win in the 200m, sealing another never-before-seen treble. 
 
Friday`s triumph was potentially the most awkward, with Bolt&#39;s gold medal hopes reliant on the performances of his team-mates. 
 
But Asafa Powell, Yohan Blake and Nickel Ashmeade were in no mood to fluff their lines, handing Bolt a lead at the final changeover. 
 
From that point there was only ever going to be one outcome and Bolt powered home by three metres to universal delight. 
 
Bolt will now set off a year-long lap of honour that will culminate with the World Championships in London next August. 
 
The Jamaican is preparing to exit with athletics fighting to restore credibility after a year dominated by doping and corruption scandals. 
International Association of Athletics Federations president Sebastian Coe is adamant however that athletics will endure despite the loss of its most charismatic leading man. 
 
In an interview with AFP on Friday, Coe said Bolt had transcended his sport in a way that was comparable to boxing icon Muhammad Ali. 
 
&quot;The man is a genius,&quot; Coe said. &quot;There&#39;s been nobody since Muhammad Ali who&#39;s got remotely near to what this guy has done in terms of grabbing the public imagination.&quot; 
 
However, Coe argued that just as a new generation of boxers emerged after Ali&#39;s retirement, so track and field would unearth new personalities after Bolt. 
 
&quot;It&#39;s a massive gap, but it&#39;s not a gap that is insuperable,&quot; Coe said. 
 
&quot;You&#39;re not going to fill that gap overnight, but there are great, talented athletes out there.&quot; 
 
US, which came third, has been disqualified for exchange zone violation. Canada has won the bronze. 
 
(AFP)

Japan came second while the US, which came third, was disqualified for exchange zone violation

Usain Bolt brought the curtain down on his Olympic career with a record-equalling ninth gold medal on Friday, anchoring Jamaica to relay glory in a perfectly-scripted finale to complete his unprecedented "triple-triple." The 29-year-old superstar, widely seen as the greatest sprinter in history, stormed over the line in 37.27sec to trigger an eruption of adulation in the Olympic Stadium. Japan's quartet took a surprise silver in 37.60sec while the United States claimed bronze in 37.62. The victory saw Bolt complete a third consecutive clean sweep of the 100m, 200m and 4x100m titles following his six gold medals in the 2008 and 2012 Games. It leaves Bolt, who will retire in 2017, level with Carl Lewis and Paavo Nurmi on a total of nine Olympic gold medals, a record for a track and field athlete. The relay gold was the final act of an incredible Olympic career that redefined athletics and often left commentators scrambling to find a new vocabulary of superlatives as each new milestone came and went. On Sunday Bolt became the first man in history to win a hat-trick of 100m gold medals. He then followed that up with Thursday's barnstorming win in the 200m, sealing another never-before-seen treble. Friday`s triumph was potentially the most awkward, with Bolt's gold medal hopes reliant on the performances of his team-mates. But Asafa Powell, Yohan Blake and Nickel Ashmeade were in no mood to fluff their lines, handing Bolt a lead at the final changeover. From that point there was only ever going to be one outcome and Bolt powered home by three metres to universal delight. Bolt will now set off a year-long lap of honour that will culminate with the World Championships in London next August. The Jamaican is preparing to exit with athletics fighting to restore credibility after a year dominated by doping and corruption scandals. International Association of Athletics Federations president Sebastian Coe is adamant however that athletics will endure despite the loss of its most charismatic leading man. In an interview with AFP on Friday, Coe said Bolt had transcended his sport in a way that was comparable to boxing icon Muhammad Ali. "The man is a genius," Coe said. "There's been nobody since Muhammad Ali who's got remotely near to what this guy has done in terms of grabbing the public imagination." However, Coe argued that just as a new generation of boxers emerged after Ali's retirement, so track and field would unearth new personalities after Bolt. "It's a massive gap, but it's not a gap that is insuperable," Coe said. "You're not going to fill that gap overnight, but there are great, talented athletes out there." US, which came third, has been disqualified for exchange zone violation. Canada has won the bronze. (AFP)

Rio Olympics 2016: Usain Bolt completes historic triple-treble as Jamaica win 100m relay

Germany won their first ever Olympic gold medal in women&#39;s football on Friday when they turned in a superior second half performance to beat Sweden 2-1. 
 
The no 2 ranked Germans, who are now one of only three women&#39;s teams to win both the Olympics and World Cup, scored two goals in the second half, and although the Swedes got a goal back they could not get a second to take the game into extra time. 
 
Sweden, who scored just three goals in their five games before the final, started more positively than their previous form suggested, but Germany started to impose themselves as time went on and the best chance of the half fell to Anja Mittag after 25 minutes. 
 
Leonie Maier&#39;s curling shot was only parried by the Swedish keeper and the ball fell to Mittag just yards from goal but she blasted the ball high and wide. 
 
The sides were evenly match but things changed in the second half and it was the Germans who deservedly took the lead three minutes into the second period. 
 
When they did it was a goal worthy of a cup final. Dzsenifer Maroszan gathered a cross ball on the edge of the box and had time to steady herself before curling a perfect strike into the top right hand corner of the net. 
 
They extended their lead 14 minutes later thanks to an unfortunate own goal. A Sara Daebritz free kick from 20 yards smacked the post and Linda Sembrandt tried to clear but instead kneed the ball into her own goal from just a few yards out. 
 
Sweden reacted almost immediately and just five minutes later Stina Blackstenius pulled them back into the game. Olivia Schough hit a beautiful low cross into the box from the right and Blackstenius slid in between two defenders and poked the ball home to cut the deficit. 
 
Schough had a great chance to level the scores three minutes from time but her shot was blocked just yards from goal. 
 
The win was a perfect farewell for German coach Silvia Neid, who was managing the side in her last match. 
 
Germany missed out on the Olympics in 2012 but won the bronze the last three times they played, in 2000, 2004 and 2008. 
 
(Reuters)

The win was a perfect farewell for German coach Silvia Neid, who was managing the side in her last match

Germany won their first ever Olympic gold medal in women's football on Friday when they turned in a superior second half performance to beat Sweden 2-1. The no 2 ranked Germans, who are now one of only three women's teams to win both the Olympics and World Cup, scored two goals in the second half, and although the Swedes got a goal back they could not get a second to take the game into extra time. Sweden, who scored just three goals in their five games before the final, started more positively than their previous form suggested, but Germany started to impose themselves as time went on and the best chance of the half fell to Anja Mittag after 25 minutes. Leonie Maier's curling shot was only parried by the Swedish keeper and the ball fell to Mittag just yards from goal but she blasted the ball high and wide. The sides were evenly match but things changed in the second half and it was the Germans who deservedly took the lead three minutes into the second period. When they did it was a goal worthy of a cup final. Dzsenifer Maroszan gathered a cross ball on the edge of the box and had time to steady herself before curling a perfect strike into the top right hand corner of the net. They extended their lead 14 minutes later thanks to an unfortunate own goal. A Sara Daebritz free kick from 20 yards smacked the post and Linda Sembrandt tried to clear but instead kneed the ball into her own goal from just a few yards out. Sweden reacted almost immediately and just five minutes later Stina Blackstenius pulled them back into the game. Olivia Schough hit a beautiful low cross into the box from the right and Blackstenius slid in between two defenders and poked the ball home to cut the deficit. Schough had a great chance to level the scores three minutes from time but her shot was blocked just yards from goal. The win was a perfect farewell for German coach Silvia Neid, who was managing the side in her last match. Germany missed out on the Olympics in 2012 but won the bronze the last three times they played, in 2000, 2004 and 2008. (Reuters)

Rio Olympics 2016: Germany wins women's soccer gold after beating Sweden

Gold fell on Friday for the first time this week as hawkish comments from US Federal Reserve officials renewed bets on a US rate hike this year, but was still on track to end the week with modest gains. 
 
Spot gold was down 0.3 per cent at $1,348.31 per ounce at 0655 GMT, but up 0.1 per cent for the week. 
 
US gold dropped 0.3 per cent to $1,351.10 an ounce. 
 
San Francisco Fed President John Williams on Thursday joined a growing chorus of his colleagues signalling support for a US interest rate hike in coming months. New York Fed President William Dudley reinforced his confidence on a possible interest-rate hike for a second time in the week. 
 
Dallas Fed president Robert Kaplan, however, saw limited room to manoeuvre on rate hikes. 
 
Reports showed the number of Americans filing for unemployment benefits fell more than expected last week, while manufacturing activity in the US Mid-Atlantic region saw a mild improvement this month. 
 
&quot;There is no clear direction from the Fed. Adding to that there are mixed views from the Fed officials,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Members of the Fed&#39;s rate-setting Federal Open Market Committee were generally upbeat about the US economy and labour market, but several said any slowdown in future hiring would augur against a near-term hike. 
 
Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. 
 
Signals are neutral for spot gold as it is stuck in a range of $1,337.22-$1,358.01 per ounce, Reuters technical analyst Wang Tao said.&nbsp; 
 
&quot;The money going into the ETFs (exchange-traded funds) looks to be slowing down a bit and it feels that the market has been feeling a bit heavy on the longs,&quot; said a Sydney-based precious metals trader. 
 
&quot;Maybe we need a little bit of washout. Won&#39;t be surprised if we touch new lows of $1,320.&quot; 
 
Holdings of SPDR Gold Trust, the world&#39;s largest gold-backed ETF, fell for a second day.&nbsp; 
 
The index of the dollar against a basket of six major currencies was up about 0.2 per cent at 94.359. 
 
A stronger dollar discourages gold buying by making the metal more expensive for holders of other currencies. 
 
European Central Bank rate setters agreed not to discuss any policy change at their July meeting and to keep market hopes for more stimulus in check, minutes showed on Thursday. 
 
Silver was down 0.6 per cent at $19.61 an ounce. 
 
Platinum slipped 0.2 per cent at $1,123. 
 
Palladium was down 0.7 per cent at $707.55, after hitting a one-week high of $717.70 Thursday. 
 
(Rueters)

Fed Reserve officials have demanded for interest rates to be upped in coming months

Gold fell on Friday for the first time this week as hawkish comments from US Federal Reserve officials renewed bets on a US rate hike this year, but was still on track to end the week with modest gains. Spot gold was down 0.3 per cent at $1,348.31 per ounce at 0655 GMT, but up 0.1 per cent for the week. US gold dropped 0.3 per cent to $1,351.10 an ounce. San Francisco Fed President John Williams on Thursday joined a growing chorus of his colleagues signalling support for a US interest rate hike in coming months. New York Fed President William Dudley reinforced his confidence on a possible interest-rate hike for a second time in the week. Dallas Fed president Robert Kaplan, however, saw limited room to manoeuvre on rate hikes. Reports showed the number of Americans filing for unemployment benefits fell more than expected last week, while manufacturing activity in the US Mid-Atlantic region saw a mild improvement this month. "There is no clear direction from the Fed. Adding to that there are mixed views from the Fed officials," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Members of the Fed's rate-setting Federal Open Market Committee were generally upbeat about the US economy and labour market, but several said any slowdown in future hiring would augur against a near-term hike. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Signals are neutral for spot gold as it is stuck in a range of $1,337.22-$1,358.01 per ounce, Reuters technical analyst Wang Tao said. "The money going into the ETFs (exchange-traded funds) looks to be slowing down a bit and it feels that the market has been feeling a bit heavy on the longs," said a Sydney-based precious metals trader. "Maybe we need a little bit of washout. Won't be surprised if we touch new lows of $1,320." Holdings of SPDR Gold Trust, the world's largest gold-backed ETF, fell for a second day. The index of the dollar against a basket of six major currencies was up about 0.2 per cent at 94.359. A stronger dollar discourages gold buying by making the metal more expensive for holders of other currencies. European Central Bank rate setters agreed not to discuss any policy change at their July meeting and to keep market hopes for more stimulus in check, minutes showed on Thursday. Silver was down 0.6 per cent at $19.61 an ounce. Platinum slipped 0.2 per cent at $1,123. Palladium was down 0.7 per cent at $707.55, after hitting a one-week high of $717.70 Thursday. (Rueters)

US gold slides amid talks of Fed rate hike

A big stumble backwards after his first soaring leap could not prevent Ri Se-gwang from becoming the first North Korean man to win the Olympic vault title on Monday. 
 
The double world champion earned an average score of 15.691 to become only the second man from communist North Korea to win an Olympic gold medal in gymnastics, following the success of Pae Gil-Su on the pommel horse at the 1992 Barcelona Games. 
 
&quot;This gold medal is a joy for my country and I think it will bring a sense of victory and courage to the people of my country,&quot; said Ri, who described it as the greatest moment of his career. 
 
At the victory ceremony, he saluted with his hand to his right temple throughout the national anthem as the flag of North Korea was hoisted. 
 
&quot;I was filled with a lot of emotions and joy because I thought I was able to bring a sense of victory and glory to our leader,&quot; he told reporters, cradling his medal in his hand. 
 
The 31-year-old from Pyongyang stuttered backwards following his first vault - a piked double front summersault with half twist. The effort earned him 15.616 
 
He also stepped backwards from his second vault. 
 
But there was so much difficulty packed into his Tsukahara full-twisting double back effort - a skill which he invented and is named after him - that the flawed landing did not affect his score too much and he was awarded 15.766. 
 
Ri beat Denis Abliazin by 0.175 of a point. It was the Russian&#39;s second medal of the day after he collected bronze on the rings. 
 
Japan&#39;s Kenzo Shirai, who missed out on a medal on his signature floor exercise event on Sunday, won bronze with 15.449. He edged out 35-year-old Romanian Marian Dragulescu on the tie-break rule after both earned the same average score. 
 
(Reuters)

He is only the second man from the country to win an Olympic gold medal in gymnastics

A big stumble backwards after his first soaring leap could not prevent Ri Se-gwang from becoming the first North Korean man to win the Olympic vault title on Monday. The double world champion earned an average score of 15.691 to become only the second man from communist North Korea to win an Olympic gold medal in gymnastics, following the success of Pae Gil-Su on the pommel horse at the 1992 Barcelona Games. "This gold medal is a joy for my country and I think it will bring a sense of victory and courage to the people of my country," said Ri, who described it as the greatest moment of his career. At the victory ceremony, he saluted with his hand to his right temple throughout the national anthem as the flag of North Korea was hoisted. "I was filled with a lot of emotions and joy because I thought I was able to bring a sense of victory and glory to our leader," he told reporters, cradling his medal in his hand. The 31-year-old from Pyongyang stuttered backwards following his first vault - a piked double front summersault with half twist. The effort earned him 15.616 He also stepped backwards from his second vault. But there was so much difficulty packed into his Tsukahara full-twisting double back effort - a skill which he invented and is named after him - that the flawed landing did not affect his score too much and he was awarded 15.766. Ri beat Denis Abliazin by 0.175 of a point. It was the Russian's second medal of the day after he collected bronze on the rings. Japan's Kenzo Shirai, who missed out on a medal on his signature floor exercise event on Sunday, won bronze with 15.449. He edged out 35-year-old Romanian Marian Dragulescu on the tie-break rule after both earned the same average score. (Reuters)

Rio Olympics 2016: Ri Se-gwang's gold makes him first North Korean to win Olympic vault

Gold held steady on Wednesday as bullion found little impetus from weaker equities as the dollar rose to a four-month high on the back of better-than-expected US housing data. 
 
Asian stocks eased early on Wednesday after a record run on Wall Street showed signs of petering out. 
 
Global risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain&#39;s looming exit from the EU. 
 
Spot gold was up 0.1 per cent at $1,332.81 an ounce at 0334 GMT. It closed at $1,331.73 on Tuesday. 
 
US gold was up 0.1 per cent at $1,333.30 an ounce. 
 
&quot;The probability of a US Federal rate hike has increased as of today. Some expectations of a rate hike have come back,&quot; said OCBC Bank analyst Barnabas Gan. 
 
&quot;There are still some headwinds to growth and this may lift safe-haven demand should the implications of Brexit start to unwind.&quot; 
 
Gold, which has risen 25 per cent this year, is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. 
 
&quot;Technically, it looks like gold&#39;s recent weakness is slowly coming to a halt with a base being formed around $1,325 - $1335,&quot; MKS analyst James Gardiner said in a note. 
 
Spot gold is biased to fall to $1,313 per ounce after completing its consolidation within a small wedge, as per Reuters technical analyst Wang Tao. 
 
The dollar firmed in early Asian trading on Wednesday, as strong US data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs.&nbsp; 
 
US housing starts rose more than expected in June as construction activity increased broadly, but downward revisions to the prior months&#39; data pointed to a sector treading water in the second quarter. 
 
Among other precious metals, spot silver, having ended lower in the four previous sessions, was up 0.1 per cent to $19.91 an ounce. 
 
Spot platinum was down 0.4 per cent at $1,084.50, while palladium, which touched an eight-and-half-month high on Tuesday, was down 0.7 per cent at $651.70. 
 
(Reuters)

Gold is highly sensitive to rising rates as it increases the opportunity cost of holding non-yielding assets such as bullion

Gold held steady on Wednesday as bullion found little impetus from weaker equities as the dollar rose to a four-month high on the back of better-than-expected US housing data. Asian stocks eased early on Wednesday after a record run on Wall Street showed signs of petering out. Global risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the EU. Spot gold was up 0.1 per cent at $1,332.81 an ounce at 0334 GMT. It closed at $1,331.73 on Tuesday. US gold was up 0.1 per cent at $1,333.30 an ounce. "The probability of a US Federal rate hike has increased as of today. Some expectations of a rate hike have come back," said OCBC Bank analyst Barnabas Gan. "There are still some headwinds to growth and this may lift safe-haven demand should the implications of Brexit start to unwind." Gold, which has risen 25 per cent this year, is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. "Technically, it looks like gold's recent weakness is slowly coming to a halt with a base being formed around $1,325 - $1335," MKS analyst James Gardiner said in a note. Spot gold is biased to fall to $1,313 per ounce after completing its consolidation within a small wedge, as per Reuters technical analyst Wang Tao. The dollar firmed in early Asian trading on Wednesday, as strong US data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs. US housing starts rose more than expected in June as construction activity increased broadly, but downward revisions to the prior months' data pointed to a sector treading water in the second quarter. Among other precious metals, spot silver, having ended lower in the four previous sessions, was up 0.1 per cent to $19.91 an ounce. Spot platinum was down 0.4 per cent at $1,084.50, while palladium, which touched an eight-and-half-month high on Tuesday, was down 0.7 per cent at $651.70. (Reuters)

Gold holds steady as equity rally loses steam

Gold fell on Thursday after rising nearly 1 per cent in the previous session, as the Dollar strengthened against the Yen and Asian stocks stayed near eight-month highs on expectations of an interest rate cut by the Bank of England (BoE). 
 
Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession following Britain&#39;s vote to leave the European Union. 
 
The central bank is expected to halve its benchmark interest rate to a record low of 0.25 per cent when it makes a monthly policy statement at 1100 GMT later on Thursday. 
 
Spot gold was down 0.8 per cent at $1,332.33 per ounce by 0639 GMT. It rose about 0.9 per cent on Wednesday, closing at $1,342.45. 
 
&quot;Despite our near-term views that gold may correct further, we believe any losses may be limited and further declines well-bid,&quot; HSBC analyst James Steel said in a note. 
 
Low interest rates boost the appeal of non-interest bearing assets such as bullion. 
 
Spot gold is biased to retest a support at $1,328 per ounce, a break below which could cause a loss to the next support at $1,313, according to Reuters technical analyst Wang Tao. 
 
Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, said gold prices had steadied due to a number of stabilising factors including the appointment of a new prime minister in the UK, and the expected interest rate cuts by the Japanese and England central banks. 
 
&quot;Major central banks including the Bank of England and the European Central Bank are expected to relax their monetary policies, while the US Federal Reserve is reluctant to raise interest rates. People are expecting these central banks to relax their monetary policies in the wake of the financial and political uncertainty,&quot; he added. 
 
Philadelphia Fed President Patrick Marker said late on Wednesday that the central bank would likely opt for a &quot;fairly shallow&quot; series of US interest rate hikes, and that he wanted to &quot;let it play out a bit&quot; before backing a policy tightening. 
 
The Dollar was up 1 per cent at 105.57 Yen, its post-Brexit high, as investors remained focused on whether the Bank of Japan will expand its monetary stimulus at its policy meeting later this month. 
 
Among other precious metals, spot palladium slipped 0.1 per cent to $640.50 an ounce, after hitting an eight-month high of $647.20 in the previous session. 
 
Silver edged down 0.3 per cent to $20.28 an ounce, while platinum fell 0.7 per cent to $1,086.85 an ounce. 
 
(Reuters)

Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession

Gold fell on Thursday after rising nearly 1 per cent in the previous session, as the Dollar strengthened against the Yen and Asian stocks stayed near eight-month highs on expectations of an interest rate cut by the Bank of England (BoE). Investors bet the BoE will cut interest rates for the first time in more than seven years to ward off recession following Britain's vote to leave the European Union. The central bank is expected to halve its benchmark interest rate to a record low of 0.25 per cent when it makes a monthly policy statement at 1100 GMT later on Thursday. Spot gold was down 0.8 per cent at $1,332.33 per ounce by 0639 GMT. It rose about 0.9 per cent on Wednesday, closing at $1,342.45. "Despite our near-term views that gold may correct further, we believe any losses may be limited and further declines well-bid," HSBC analyst James Steel said in a note. Low interest rates boost the appeal of non-interest bearing assets such as bullion. Spot gold is biased to retest a support at $1,328 per ounce, a break below which could cause a loss to the next support at $1,313, according to Reuters technical analyst Wang Tao. Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, said gold prices had steadied due to a number of stabilising factors including the appointment of a new prime minister in the UK, and the expected interest rate cuts by the Japanese and England central banks. "Major central banks including the Bank of England and the European Central Bank are expected to relax their monetary policies, while the US Federal Reserve is reluctant to raise interest rates. People are expecting these central banks to relax their monetary policies in the wake of the financial and political uncertainty," he added. Philadelphia Fed President Patrick Marker said late on Wednesday that the central bank would likely opt for a "fairly shallow" series of US interest rate hikes, and that he wanted to "let it play out a bit" before backing a policy tightening. The Dollar was up 1 per cent at 105.57 Yen, its post-Brexit high, as investors remained focused on whether the Bank of Japan will expand its monetary stimulus at its policy meeting later this month. Among other precious metals, spot palladium slipped 0.1 per cent to $640.50 an ounce, after hitting an eight-month high of $647.20 in the previous session. Silver edged down 0.3 per cent to $20.28 an ounce, while platinum fell 0.7 per cent to $1,086.85 an ounce. (Reuters)

Gold falls as market pauses ahead of Bank of England policy statement

Gold saw its biggest one-day fall in three weeks yesterday as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus, which in turn curbed demand for assets perceived as safe havens. 
 
Spot gold fell as much as 1.9 pe rcent to $1,329.75 an ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820 GMT).&nbsp; 
The most active US gold futures for August delivery settled down 1.6 per cent at $1,335.30 per ounce.&nbsp; 
 
&quot;Tensions in Britain are easing for now, as the country will soon have a new Prime Minister,&quot; ActivTrades chief analyst Carlo Alberto de Casa said, referring to incoming Prime Minister, Theresa May, who will replace David Cameron on Wednesday. 
 
&quot;With the British pound gaining some ground, demand for gold and other safe havens is decreasing,&quot; he said. 
 
Gold has gained about $100 an ounce since Britain voted recently to leave the European Union, with worried investors piling their cash into safe-haven assets.&nbsp; 
 
&quot;The UK has a leader and we almost have the outlines of a plan,&quot; said Rob Haworth, senior investment strategist for US Bank Wealth&nbsp;Management in Seattle, describing a &quot;risk-on day&quot; pressuring prices despite a weak U.S. dollar. 
 
Profit-taking and new highs in the US stock market also weighed on bullion, Haworth said. 
 
Major US stock indexes set record intraday highs on Tuesday as optimism about the world economy and upbeat corporate results from Alcoa boosted risk appetite, while European shares rose for a fourth straight day.&nbsp; 
 
Japan&#39;s ruling coalition fanned expectations of more fiscal stimulus, while the Bank of England could cut rates as soon as Thursday following its monthly policy meeting. 
 
&quot;The additional stimulus packages will continue to create a challenging environment for investors looking for a return because they are not getting it through bonds and as long as we have that scenario, then the alternatives are currently stocks but also precious metals,&quot; 
Saxo Bank senior manager Ole Hansen said. 
 
Markets were also assessing whether the latest US jobs data, which was stronger than expected, has boosted the prospects for an interest rate increase by the US Federal Reserve. 
 
The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders. 
Silver was down 0.65 per cent at $20.13 an ounce.&nbsp; 
 
Platinum fell for the first time in two weeks, down 1.14 per cent at $1,087. Palladium rose 1 per cent to $627.50. 
 
(Reuters)&nbsp;

Gold has gained about $100 an ounce since Brexit but UK is now hoping for more economic stimulus?as it welcomes new Prime Minister

Gold saw its biggest one-day fall in three weeks yesterday as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus, which in turn curbed demand for assets perceived as safe havens. Spot gold fell as much as 1.9 pe rcent to $1,329.75 an ounce and was down 1.6 pct at $1,332.86 by 2:20 p.m. EDT (1820 GMT). The most active US gold futures for August delivery settled down 1.6 per cent at $1,335.30 per ounce. "Tensions in Britain are easing for now, as the country will soon have a new Prime Minister," ActivTrades chief analyst Carlo Alberto de Casa said, referring to incoming Prime Minister, Theresa May, who will replace David Cameron on Wednesday. "With the British pound gaining some ground, demand for gold and other safe havens is decreasing," he said. Gold has gained about $100 an ounce since Britain voted recently to leave the European Union, with worried investors piling their cash into safe-haven assets. "The UK has a leader and we almost have the outlines of a plan," said Rob Haworth, senior investment strategist for US Bank Wealth Management in Seattle, describing a "risk-on day" pressuring prices despite a weak U.S. dollar. Profit-taking and new highs in the US stock market also weighed on bullion, Haworth said. Major US stock indexes set record intraday highs on Tuesday as optimism about the world economy and upbeat corporate results from Alcoa boosted risk appetite, while European shares rose for a fourth straight day. Japan's ruling coalition fanned expectations of more fiscal stimulus, while the Bank of England could cut rates as soon as Thursday following its monthly policy meeting. "The additional stimulus packages will continue to create a challenging environment for investors looking for a return because they are not getting it through bonds and as long as we have that scenario, then the alternatives are currently stocks but also precious metals," Saxo Bank senior manager Ole Hansen said. Markets were also assessing whether the latest US jobs data, which was stronger than expected, has boosted the prospects for an interest rate increase by the US Federal Reserve. The European Central Bank will not ease monetary policy any further at its meeting next week, according to an overwhelming majority of respondents in a Reuters poll of euro money market traders. Silver was down 0.65 per cent at $20.13 an ounce. Platinum fell for the first time in two weeks, down 1.14 per cent at $1,087. Palladium rose 1 per cent to $627.50. (Reuters)

Gold sees biggest one-day fall in 3 weeks as pound gains ground

Gold edged down on Friday as investors turned cautious ahead of US jobs data later in the day, but the precious metal remained on course for a sixth consecutive weekly gain. 
 
Spot gold was trading down 0.1 per cent at $1,358.36 an ounce by 0418 GMT. Bullion is up over 1 per cent so far for this week. 
 
US gold fell 0.1 per cent to $1,360.20 an ounce. 
 
&quot;We have seen some slight correction in gold prices from yesterday. Prices have come up quite a lot. It was long time since many of them decided to take profits,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Ahead of the closely watched US non-farm payrolls report, data published on Thursday suggested a rebound in job growth after May&#39;s paltry gains. 
 
US private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week. 
 
&quot;A very strong jobs figure will trigger some short term pain for gold, however, the underlying uptrend should prevail in the medium term,&quot; MKS Group trader James Gardiner wrote in a note. 
 
But any weakness in hiring could be an indication that the US Federal Reserve may not raise interest rates anytime soon amid the economic uncertainty following the Brexit vote, analysts said. 
 
Gold is sensitive to higher rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. 
 
Investors poured the most money into US-based funds invested in precious metals since February, adding $2 billion to in the latest week, data from Thomson Reuters&#39; Lipper service showed on Thursday. 
 
Technical analysts at ScotiaMocatta said pegged support for gold at $1,346 and resistance at $1,375.30, with the RSI (relative strength index) currently showing the yellow metal to be slightly in overbought territory and added that profit-taking may emerge in the short-term. 
 
SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 978.29 tonnes on Thursday from 982.44 tonnes on Wednesday.&nbsp; 
 
In wider markets, Asian stocks looked set to post their biggest weekly loss in three weeks on Friday and government bond yields plunged to record lows.&nbsp; 
 
Silver, which touched a two-year high on Monday, was trading up 0.4 per cent at $19.73. 
 
Among other precious metals, platinum and palladium were down 0.2 and 0.3 per cent at $1,083.80 an ounce and $606 an ounce, respectively. 
 
(Reuters)

US private payrolls increased more than expected in June as small businesses ramped up hiring

Gold edged down on Friday as investors turned cautious ahead of US jobs data later in the day, but the precious metal remained on course for a sixth consecutive weekly gain. Spot gold was trading down 0.1 per cent at $1,358.36 an ounce by 0418 GMT. Bullion is up over 1 per cent so far for this week. US gold fell 0.1 per cent to $1,360.20 an ounce. "We have seen some slight correction in gold prices from yesterday. Prices have come up quite a lot. It was long time since many of them decided to take profits," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Ahead of the closely watched US non-farm payrolls report, data published on Thursday suggested a rebound in job growth after May's paltry gains. US private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week. "A very strong jobs figure will trigger some short term pain for gold, however, the underlying uptrend should prevail in the medium term," MKS Group trader James Gardiner wrote in a note. But any weakness in hiring could be an indication that the US Federal Reserve may not raise interest rates anytime soon amid the economic uncertainty following the Brexit vote, analysts said. Gold is sensitive to higher rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Investors poured the most money into US-based funds invested in precious metals since February, adding $2 billion to in the latest week, data from Thomson Reuters' Lipper service showed on Thursday. Technical analysts at ScotiaMocatta said pegged support for gold at $1,346 and resistance at $1,375.30, with the RSI (relative strength index) currently showing the yellow metal to be slightly in overbought territory and added that profit-taking may emerge in the short-term. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 978.29 tonnes on Thursday from 982.44 tonnes on Wednesday. In wider markets, Asian stocks looked set to post their biggest weekly loss in three weeks on Friday and government bond yields plunged to record lows. Silver, which touched a two-year high on Monday, was trading up 0.4 per cent at $19.73. Among other precious metals, platinum and palladium were down 0.2 and 0.3 per cent at $1,083.80 an ounce and $606 an ounce, respectively. (Reuters)

Gold eases ahead of US jobs data, but eyes 6th weekly gain

Gold rose as much as 1 per cent today, hitting the highest in more than two years, as investors piled back into safe havens such as bullion amid renewed market jitters over Britain&#39;s decision to leave the European Union (EU).&nbsp; 
 
Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low and hammering risky assets. 
 
Spot gold touched its highest since March 2014 at $1,371.40, and was trading up 0.9 per cent at $1,367.20 an ounce by 0401 GMT. It surpassed the $1,358.20 mark hit on June 24 in the immediate aftermath of the Brexit vote. 
 
US gold was up 0.8 per cent at $1,369.40. 
 
&quot;No one is able to understand how much risk is yet to be unravelled (from Brexit). That is an uncertainty that no one likes. This is what is driving gold prices higher,&quot; said Helen Lau, an analyst at Argonaut Securities in Hong Kong. 
 
Yellow metal is on track to log its biggest yearly gain since 2010&nbsp; 
 
The Bank of England took steps on Tuesday to ensure British banks keep lending as the financial consequences of the decision to leave the EU began to materialise. 
 
The yellow metal, often favoured as a hedge against economic and financial uncertainty, has risen about 29 per cent this year and is on track to log its biggest yearly gain since 2010. 
 
Further boosting gold, were comments from New York Federal Reserve President William Dudley, who said that the central bank can be patient on raising interest rates due to low inflation and uncertainties over US economic prospects. 
 
New orders for US factory goods fell in May on weak demand for transportation and defence capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. 
 
Investors will be watching out for signs on the US Federal Reserve&#39;s thinking on rates from minutes of its June 14-15 meeting due later in the day. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, increased 3.02 per cent to 982.72 tonnes on Tuesday, the highest since June 2013. 
 
SPDR gold holdings have jumped more than 50 per cent this year so far, heading for biggest annual rise since 2006. 
 
Spot silver&#39;s rally hit a bump on Tuesday as the metal fell 2 per cent, its biggest one-day loss in about three weeks. It was up 1.7 per cent at $20.26. 
 
Among other precious metals, platinum, which was trading at two-month highs, edged 0.2 per cent lower to $1,070.24 an ounce. 
 
Palladium was up 0.3 per cent at $599.47. 
 
(Reuters)&nbsp;

Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low

Gold rose as much as 1 per cent today, hitting the highest in more than two years, as investors piled back into safe havens such as bullion amid renewed market jitters over Britain's decision to leave the European Union (EU). Asian shares also tumbled as fears over instability in the EU returned with a vengeance, sending the pound to three-decade low and hammering risky assets. Spot gold touched its highest since March 2014 at $1,371.40, and was trading up 0.9 per cent at $1,367.20 an ounce by 0401 GMT. It surpassed the $1,358.20 mark hit on June 24 in the immediate aftermath of the Brexit vote. US gold was up 0.8 per cent at $1,369.40. "No one is able to understand how much risk is yet to be unravelled (from Brexit). That is an uncertainty that no one likes. This is what is driving gold prices higher," said Helen Lau, an analyst at Argonaut Securities in Hong Kong. Yellow metal is on track to log its biggest yearly gain since 2010 The Bank of England took steps on Tuesday to ensure British banks keep lending as the financial consequences of the decision to leave the EU began to materialise. The yellow metal, often favoured as a hedge against economic and financial uncertainty, has risen about 29 per cent this year and is on track to log its biggest yearly gain since 2010. Further boosting gold, were comments from New York Federal Reserve President William Dudley, who said that the central bank can be patient on raising interest rates due to low inflation and uncertainties over US economic prospects. New orders for US factory goods fell in May on weak demand for transportation and defence capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over. Investors will be watching out for signs on the US Federal Reserve's thinking on rates from minutes of its June 14-15 meeting due later in the day. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, increased 3.02 per cent to 982.72 tonnes on Tuesday, the highest since June 2013. SPDR gold holdings have jumped more than 50 per cent this year so far, heading for biggest annual rise since 2006. Spot silver's rally hit a bump on Tuesday as the metal fell 2 per cent, its biggest one-day loss in about three weeks. It was up 1.7 per cent at $20.26. Among other precious metals, platinum, which was trading at two-month highs, edged 0.2 per cent lower to $1,070.24 an ounce. Palladium was up 0.3 per cent at $599.47. (Reuters)

Gold at highest in over two years over renewed Brexit concerns

Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level. 
 
Spot gold was down 0.6 per cent at $1,346.60 an ounce as of 0430 GMT. Bullion touched a peak of $1,357.60 an ounce on Monday, less than $1 below a two-year high hit on June 24. 
 
Further, US gold was up 0.6 per cent at $1,346.40. 
 
Technical charts show spot gold may retrace towards a support at $1,323 per ounce, as it failed to break a resistance at $1,351, said Wang Tao, a Reuters market analyst for commodities and energy technicals. 
 
Silver fell more than 3 per cent at one point to $19.548, before paring losses to trade 1.6 per cent lower at $19.98 an ounce. It had jumped as much as 7 per cent, breaking above $21 an ounce for the first time in two years, in the previous session. 
 
&quot;The precious metals had a very strong upside momentum in the past few sessions after the Brexit referendum. Some kind of pullback in the current market conditions seems justified,&quot; said Mark To, head of research at Hong Kong&#39;s Wing Fung Financial Group. 
 
&quot;It could be a very short-term correction,&quot; he said.&nbsp; 
 
Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote as global stock markets plunged on economical and political uncertainties. 
 
Analysts said central bank decisions, especially those of the US Federal Reserve, will be a major determinant for gold, which is often perceived as a hedge against economic and financial risk. 
 
Britain&#39;s vote to leave the European Union (EU) has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. 
 
&quot;The collective bias towards renewed easing is going to be supportive for the precious group, going into July, particularly for gold and silver, while platinum and palladium will also be pulled higher,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
Asian shares snapped a five-session winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. 
 
The US dollar index, which tracks the greenback against a basket of six rival currencies, remained steady at 95.61. 
 
Among other precious metals, platinum fell 1.2 per cent to $1,052.25 an ounce. 
 
Palladium, which fell over 4 per cent earlier in the session, was on track to register its biggest single-day loss since May 9. It was last down 3.3 per cent to $593.60. 
 
(Reuters)

Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote

Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level. Spot gold was down 0.6 per cent at $1,346.60 an ounce as of 0430 GMT. Bullion touched a peak of $1,357.60 an ounce on Monday, less than $1 below a two-year high hit on June 24. Further, US gold was up 0.6 per cent at $1,346.40. Technical charts show spot gold may retrace towards a support at $1,323 per ounce, as it failed to break a resistance at $1,351, said Wang Tao, a Reuters market analyst for commodities and energy technicals. Silver fell more than 3 per cent at one point to $19.548, before paring losses to trade 1.6 per cent lower at $19.98 an ounce. It had jumped as much as 7 per cent, breaking above $21 an ounce for the first time in two years, in the previous session. "The precious metals had a very strong upside momentum in the past few sessions after the Brexit referendum. Some kind of pullback in the current market conditions seems justified," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "It could be a very short-term correction," he said. Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote as global stock markets plunged on economical and political uncertainties. Analysts said central bank decisions, especially those of the US Federal Reserve, will be a major determinant for gold, which is often perceived as a hedge against economic and financial risk. Britain's vote to leave the European Union (EU) has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. "The collective bias towards renewed easing is going to be supportive for the precious group, going into July, particularly for gold and silver, while platinum and palladium will also be pulled higher," INTL FCStone analyst Edward Meir said in a note. Asian shares snapped a five-session winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. The US dollar index, which tracks the greenback against a basket of six rival currencies, remained steady at 95.61. Among other precious metals, platinum fell 1.2 per cent to $1,052.25 an ounce. Palladium, which fell over 4 per cent earlier in the session, was on track to register its biggest single-day loss since May 9. It was last down 3.3 per cent to $593.60. (Reuters)

Gold retreats from near two-year high, correction seen short-term

Gold rose on Monday, staying close to more than two-year high hit on Friday, as uncertainty over Britain&#39;s vote to leave the European Union (EU) pushed investors to sell equities and seek safer assets.

Bullion finished Friday up 4.8 per cent, its biggest one-day gain since January 2009 as the British vote sparked sales of riskier assets. Gold is often perceived as a hedge against economic and financial risk.

&quot;The short-term tactical gold buying of highly speculative flows has a history of being not sustainable, but there are also longer-term investors in this rally, who worry about contagion and ramifications in other markets and parts of the world,&quot; Sharps Pixley chief Ross Norman said.

Spot gold rose as much as 1.5 per cent to a session high of $1,335.30 an ounce and was up 0.8 per&nbsp;cent&nbsp;at $1,326.26 by 3:16 p.m. EDT (1916 GMT). It rallied 8 per cent to $1,358.20 at one stage on Friday, the highest price since March 2014.&nbsp;

U.S. gold futures settled up $2.30, or 0.2 per cent, at $1,324.70 per ounce.&nbsp;

Britain&#39;s shock vote to leave the EU&nbsp;roiled global markets for a second day, hammering US&nbsp;and European banks, lifting bond prices and dragging the British Pound to a 31-year low.&nbsp;

&quot;The uncertainty around the timing of negotiations to leave the EU means that not only do investors become more defensive and buy things like gold and the dollar, but it also keeps sterling under pressure and translates into a permanent loss of economic activity at domestic level,&quot; ETF Securities analyst Martin Arnold said.

The British referendum verdict probably means the Fed&#39;s ambitions for two rate rises this year have been placed on hold, analysts and experts said.

Goldman Sachs has raised its gold price forecasts saying Brexit suggested a more sustainable impact on the trajectory of U.S. interest rates.

UBS Wealth Management Research raised its three-month price forecast for gold to $1,275-$1,425 per ounce and 12-month to $1,275, on uncertainties following the UK vote and its expectation for just one Fed rate hike this year.

&quot;Central bank readiness to provide additional monetary support if needed should support gold&#39;s short-term appeal,&quot; UBS said.

Holdings in SPDR Gold Trust GLD, the world&#39;s largest gold-backed exchange-traded fund, jumped 2 per cent on Friday to the highest since July 2013.

Spot silver rose 0.1 per cent&nbsp;at $17.67 per ounce. Platinum was down 0.2 per cent&nbsp;at $979 an ounce and palladium was up 1.7 per cent&nbsp;at $556.10. 
 
(Reuters)

With uncertainty over Britain's vote to leave EU, investors are pushed to sell equities and seek safer assets

Gold rose on Monday, staying close to more than two-year high hit on Friday, as uncertainty over Britain's vote to leave the European Union (EU) pushed investors to sell equities and seek safer assets. Bullion finished Friday up 4.8 per cent, its biggest one-day gain since January 2009 as the British vote sparked sales of riskier assets. Gold is often perceived as a hedge against economic and financial risk. "The short-term tactical gold buying of highly speculative flows has a history of being not sustainable, but there are also longer-term investors in this rally, who worry about contagion and ramifications in other markets and parts of the world," Sharps Pixley chief Ross Norman said. Spot gold rose as much as 1.5 per cent to a session high of $1,335.30 an ounce and was up 0.8 per cent at $1,326.26 by 3:16 p.m. EDT (1916 GMT). It rallied 8 per cent to $1,358.20 at one stage on Friday, the highest price since March 2014. U.S. gold futures settled up $2.30, or 0.2 per cent, at $1,324.70 per ounce. Britain's shock vote to leave the EU roiled global markets for a second day, hammering US and European banks, lifting bond prices and dragging the British Pound to a 31-year low. "The uncertainty around the timing of negotiations to leave the EU means that not only do investors become more defensive and buy things like gold and the dollar, but it also keeps sterling under pressure and translates into a permanent loss of economic activity at domestic level," ETF Securities analyst Martin Arnold said. The British referendum verdict probably means the Fed's ambitions for two rate rises this year have been placed on hold, analysts and experts said. Goldman Sachs has raised its gold price forecasts saying Brexit suggested a more sustainable impact on the trajectory of U.S. interest rates. UBS Wealth Management Research raised its three-month price forecast for gold to $1,275-$1,425 per ounce and 12-month to $1,275, on uncertainties following the UK vote and its expectation for just one Fed rate hike this year. "Central bank readiness to provide additional monetary support if needed should support gold's short-term appeal," UBS said. Holdings in SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, jumped 2 per cent on Friday to the highest since July 2013. Spot silver rose 0.1 per cent at $17.67 per ounce. Platinum was down 0.2 per cent at $979 an ounce and palladium was up 1.7 per cent at $556.10. (Reuters)

Gold gains as Investors seek refuge in bullion market after Brexit vote

<div style="text-align: justify;">If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. 
The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks &quot;adverse spill-overs to the global economy&quot;. 
With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets.&nbsp; 
So why will the will of one country&#39;s people in one referendum have such a profound impact on global markets? 
The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. 
Interest rates, yields 
 
Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US&nbsp;Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. 
Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. 
 
Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. 
 
They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly &quot;safe haven&quot; assets. 
 
But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. 
 
They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. 
 
If &quot;core&quot; bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone &quot;periphery&quot; countries like Greece, Italy and Spain. 
 
Banks - Central and Commercial 
 
Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. 
 
Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. 
 
Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. 
 
It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers&#39; cash in vaults- a possibility German lender Commerzbank is examining. 
 
As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. 
 
In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. 
 
Financial Planning 
 
Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system&#39;s plumbing. 
 
Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. 
 
Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors&#39; perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. 
 
Stocks 
 
World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street&#39;s peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. 
 
European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? 
 
Currencies 
 
Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. 
 
Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. 
 
Japan&#39;s Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. 
 
(Reuters)</div>

World stocks are in their longest bull run in history that began on 9 March, 2009

If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed. The invisible thread that links assets as diverse as gold, bank stocks, the Japanese Yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks "adverse spill-overs to the global economy". With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets. So why will the will of one country's people in one referendum have such a profound impact on global markets? The answer is partly how inter-connected global markets are, and partly timing - the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support. Interest rates, yields Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the US Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory. Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks. Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JP Morgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years. They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly "safe haven" assets. But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further. They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession. If "core" bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone "periphery" countries like Greece, Italy and Spain. Banks - Central and Commercial Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated. Euro zone banks are down 30 per cent this year, Japanese banks 35 per cent, UK banks 20 per cent, and US banks 10 per cent. Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash. It may even become cheaper for banks to put billions of yen, Euros or Francs of their customers' cash in vaults- a possibility German lender Commerzbank is examining. As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly. In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus programme. That would make its inflation target of just under 2 per cent much harder to achieve, in turn putting its credibility under even greater scrutiny. Financial Planning Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system's plumbing. Banks have recovered from 2007-08, but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for Dollars over Yen in the cross currency basis market is its highest in years. Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors' perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero. Stocks World stocks are in their longest bull run in history that began on March 9, 2009. But Wall Street's peak was reached over a year ago, profit growth has slumped, and companies are reluctant to reinvest their record cash piles. European stocks are down 13 per cent this year, Japan down 20 per cent, and Wall Street is flat. Would they be able to withstand the political, economic and investment shock a Brexit would likely deliver, especially with risk appetite so fragile? Currencies Like 2008, a vote for Brexit would almost certainly increase demand for the pre-eminent currency in global trade, banking and financial market trading: the Dollar. Dollar credit to non-US banks stands at almost $10 trillion, according to the Bank for International Settlements, of which $3.3 trillion is in emerging markets. A stronger Dollar will increase the overall debt burden for these companies, and many emerging market countries, who would be forced to draw down their FX reserves to counter the expected capital outflow and downward pressure on their currencies. Japan's Yen, another safe-haven currency, would probably rise too, perhaps as much as 14 per cent, according to Goldman Sachs. This would not be welcome in Tokyo, where policymakers are struggling to kill off deflation once and for all, stoke inflation, reflate the economy and heal the banking system. A higher exchange rate would be damaging on all those fronts. (Reuters)

Tracing global market thread that could be unraveled by Brexit

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain&#39;s campaign for next week&#39;s referendum after a member of Parliament was shot dead. 
 
British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. 
 
The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. 
 
In Euro and Sterling terms, the metal turned lower after reaching three-year highs. 
 
Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. 
 
Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed &quot;Brexit&quot; - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. 
 
After the attack, campaigning for next week&#39;s referendum was suspended. 
 
U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. 
 
&quot;A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement,&quot; said James Steel, chief metals analyst for HSBC Securities in New York. 
 
&quot;Recovery in equities may also imply some dimming in risk-off related purchases of gold.&quot; 
 
Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. 
 
&quot;Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high,&quot; said Saxo Bank&#39;s head of commodity research, Ole Hansen. 
 
On Wednesday, holdings in the world&#39;s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. 
 
Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. 
(Reuters)

US stock markets came well off their lows following the suspension of Britain's referendum campaign after the death of British MP

Gold turned lower on Thursday, as Sterling bounced higher and US stock markets came well off their lows following the suspension of Britain's campaign for next week's referendum after a member of Parliament was shot dead. British Member of Parliament Jo Cox, who was killed in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the EU. The turnaround in bullion prices, their first drop in seven sessions, came after rallying to the highest in nearly two years, buoyed by the US Federal Reserve, which sounded a dovish note after its latest policy meeting on Wednesday. In Euro and Sterling terms, the metal turned lower after reaching three-year highs. Spot gold was down 0.4 per cent at $1,285.76 an ounce by 2:40 pm EDT (1840 GMT), after rising to $1,315.55 an ounce, the highest since August 2014. Spot prices have bounced 6 per cent this month, after the approaching June 23 referendum - when Britons will vote on whether or not to leave the European Union, dubbed "Brexit" - dented appetite for assets viewed as higher risk, sending investors scurrying for bonds and gold. After the attack, campaigning for next week's referendum was suspended. U.S. gold futures for August delivery settled up 0.8 percent at $1,298.40 an ounce. "A rebound in the euro and sterling, and a mirrored decline in the dollar, set gold up for a retracement," said James Steel, chief metals analyst for HSBC Securities in New York. "Recovery in equities may also imply some dimming in risk-off related purchases of gold." Yields on most U.S. Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Expectations that the U.S. central bank would press ahead with interest rate increases over the summer faded earlier this month after the release of weak U.S. payrolls data for May. "Brexit worries then gave us the next boost and yesterday the FOMC provided enough dovish ammunition for it to make a new high," said Saxo Bank's head of commodity research, Ole Hansen. On Wednesday, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, rose to the highest since October 2013. Silver fell 0.4 percent to $17.43 an ounce, platinum lost 0.1 percent to $969.67 and palladium was up 0.2 percent at $533.11. (Reuters)

Gold falls from two-year high as Brexit campaign suspended

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. 
 
Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. 
 
US gold fell 0.4 per cent to $1,282.30. 
 
&quot;I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement,&quot; said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. 
 
Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. 
 
Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. 
 
The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed &quot;Brexit&quot;, pushes Europe back into a recession. 
 
The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. 
 
Britain&#39;s &quot;Out&quot; campaign widened its lead over the &quot;In&quot; camp ahead of the referendum according to two opinion polls published by ICM on Monday. 
 
&quot;We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to &#39;stay the course&#39; in light of this potential &#39;Black Swan&#39; event,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
&quot;This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way.&quot; 
 
Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said&nbsp;its head on Tuesday. 
 
Holdings in SPDR Gold Trust, the world&#39;s largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. 
 
Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold is likely to get a further boost if a vote by Britain to leave the 28-member group dubbed "Brexit," pushes Europe back into a recession

Gold inched down on Tuesday as investors waited for cues from a two-day US Federal Reserve meeting beginning later in the day and a June 23-referendum that will decide whether Britain will exit the European Union. Spot gold was down 0.4 per cent at $1,279.16 an ounce as of 0648 GMT, but has gained more than 5 per cent this month, hitting a peak of $1,287 on Monday, its highest since May 16. US gold fell 0.4 per cent to $1,282.30. "I think investors have decided to take profits and some of them are staying on the sidelines before taking a decision on what to do next until the Fed makes an announcement," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Bullion, which is often perceived as a hedge against economic and financial uncertainty, has been driven by rising investor risk aversion before key central bank meetings this week. Apart from the Fed, the Bank of England, Swiss National Bank and the Bank of Japan will meet this week, and are expected to hold monetary policies steady against a backdrop of caution about the global economic outlook. The safe-haven appeal of gold, which is near a four-week high hit in the previous session, could get a further boost if a vote by Britain to leave the 28-member group, dubbed "Brexit", pushes Europe back into a recession. The British pound remained fragile near a two-month low against the dollar, while Asian stocks slipped on Tuesday on concerns ahead of the referendum. Britain's "Out" campaign widened its lead over the "In" camp ahead of the referendum according to two opinion polls published by ICM on Monday. "We think that the risk of Britain leaving has now increased substantially and the Fed will therefore signal its willingness in no uncertain terms to 'stay the course' in light of this potential 'Black Swan' event," INTL FCStone analyst Edward Meir said in a note. "This will likely enable gold to push even higher over the next few days, at least until the polls start to swing the other way." Meanwhile, Hong Kong Exchanges and Clearing Ltd is aiming to launch its planned physically-delivered gold futures contract in September, said its head on Tuesday. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.27 per cent to 896.30 tonnes on Monday, the highest since October 2013. Spot silver fell 0.8 percent to $17.29 per ounce, after touching a one-month high of $17.45 on Monday.

Gold dips, but lingers near four-week high ahead of Fed meeting

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