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SINGAPORE : Gold prices turned higher in Asian trade Wednesday ahead of two key US reports slated for later today and Thursday amid a strong dollar.

Spot gold was seen trading at $929.60 an ounce at 11.00 a.m Singapore time, up 0.4 percent from New York’s notional close of $925.85 an ounce.

U.S. gold futures for August delivery were at $930.10 an ounce, up 0.3 percent from the previous settlement on the COMEX division of the New York Mercantile Exchange.

Bullion edged higher, taking a breather after falling more than 1 percent the previous day when a stronger dollar prompted broad-based selling across the commodities sector.

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The dollar is likely to stay as a key driver for gold in the near term and the strength it derives from risk-averse investor demand is expected to be tested by upcoming data including Wednesday’s U.S. manufacturing report by the Institute for Supply Management and Thursday’s U.S. payrolls report.

On Tuesday, gold bullion fell as low as $922.60, the lowest since June 24, as the dollar recovered after an unexpected drop in U.S. consumer confidence data. Bullion hit a two-week high of $948.20 late last week.

However, holdings by the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, fell again on Tuesday.

Its holdings stood at 1,120.55 tones as of June 30, down 5.19 tones or 0.46 percent from the previous business day. The holdings lost 13.48 tones from a record high marked on June 1.

Source ; Commodity Online

Indonesia is looking at requiring a local stake of at least 20% in mining companies under regulations expected to be out in September, a senior ministry official told MB.

New Delhi: India attracted USD 2.34 billion of foreign investments in April, a rise of 19.3 per cent over the previous month, signaling confidence in the country’s economy by foreign investors amid the global financial crisis.

However, as compared to April last year, foreign direct investment (FDI) in the first month of the fiscal 2009-10, was much lower.

“In April 2009, foreign inflows were USD 2.34 billion, about 19 per cent higher than March,” an official said.

The inflows in April and March last fiscal were USD 3.74 billion and USD 1.96 billion, respectively.

Thanks to robust trends in the first six months of the last fiscal, total FDI in 2008-09 was USD 27.30 billion, against USD 24.5 billion in 2007-08.

Rating agency CRISIL Principal Economist D K Joshi said the current year would be difficult in the wake of the global economic downturn.

“Given the poor global economic scenario, the figures are not too discouraging but the year 2009-10 will be more challenging,” Joshi said.

India had scaled down the FDI target by USD five billion from USD 35 billion last fiscal. Cumulative FDI from April 2000 to March 2009 stands close to about USD 90 billion.

Source: Bloomberg

June 26 (Bloomberg) — Consumer spending rose in May as benefits from the Obama administration’s stimulus plan spurred a jump in American incomes, a sign that efforts to revive the economy are starting to pay off.

The 0.3 percent increase in purchases was the first gain in three months, the Commerce Department said today in Washington. Earnings climbed 1.4 percent, the most in a year, driving the savings rate to a 15-year high. Another report showed consumer sentiment rose in June to the highest level since February 2008.

Government efforts to restore the flow of credit and prop up incomes are making it possible for consumers to spend even as unemployment climbs to levels last seen in the early 1980s. At the same time, the wealth destruction caused by the housing slump may force households to keep rebuilding savings, indicating an economic recovery will be slow to develop.

This was one event no celebrity magazine could plan for.

The death of Michael Jackson Thursday has left the likes of People and US Weekly scrambling to figure out how best to cover the celebrity tragedy in their next issue—and how to catch up with gossip Web site TMZ, which broke the news that the King of Pop had died.

According to one gossip industry insider, US Weekly had made a six-figure deal for photos of the wedding of reality TV star Kendra Wilkinson and Philadelphia Eagles wide receiver Hank Baskett. The event will take place at the Playboy Mansion in Los Angeles on Saturday, and was expected to be featured on the magazine’s cover Friday. Now, a source says, the deal is up in the air as the magazine considers putting Mr. Jackson on the cover.

A US Weekly spokesman declined to comment.

Sister title Rolling Stone will put out a newsstand-only Michael Jackson tribute issue on July 10, with more than 100 pages of photos and commentary, and no advertising.

American Media Inc., publisher of Star and the National Enquirer, will also be rushing out a commemorative newsstand issue. AMI Chief Executive David Pecker said he will put out 1 million copies by the middle of next week, and will distribute an additional 500,000 in Europe