Gold Sets New Record in Asia - Market Report

In todays market report gold powered to another record high in Asia Monday, as U.S. economic doubts grow.

Bullion prices, up 32 percent this year alone, have ticked off a string of highs with eyes on $1,200 an ounce by next year.

Oil was up on heightened tensions between Iran and Western nations. Senior officials from six world powers voiced disappointment that Iran had not accepted proposals to delay its nuclear weapons potential.

Iran's armed forces launched a large-scale air defense war games Sunday, coming as the country is facing pressure over its nuclear program.

Asian shares edged higher at the start of a holiday-filled week. Japanese financial markets were closed Monday.

South Korea's LG Electronics dipped on market talk if may bid for Hynix Semiconductor, the world's No.2 memory chipmaker.

LG shares were also pressured by news Apple's iPhone would go sale in the country from Saturday, offering by the No.2 mobile player KT Corp.
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Oil falls below $73 on Dubai default worries creditors

Crude Oil prices sank to a 6 week lows , below $73 in New York on Friday amongst fears that Dubai could default the financial markets ,It is now reported that Dubai Debt May Be Higher Than $80 Billion, the dollar jumped as investors started selling commodities and moved to safer assets.

U.S. crude for January delivery was $73.70 a barrel on the London-based ICE Futures Europe exchange, but nearly 5 percent below Wednesday's settlement. There was no settlement price on Thursday because U.S. markets were closed for Thanksgiving.
Source : Presse agencies

November 25, 2009 Mid-Day Metals Review

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