Oil prices fell to their lowest in five years on Monday, hit by slowing factory activity in China and Europe and hammering emerging market stocks and commodity-linked currencies.
Gold prices tumbled on Monday after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining the broad rout in commodities that sent oil prices to five-year lows and copper to four-year lows.
World stock markets and oil prices rallied on Friday, fueled by hopes for global growth after China rolled out a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases to boost the euro zone economy.
Asian shares took solace from data showing broad U.S. economic strength even as signs of spreading weakness in China and Europe checked risk appetite, while the yen nursed its losses after sliding to multi-year lows against the dollar and euro overnight.
Russia's central bank has been forced to step up its gold buying this year to absorb domestic production that Western sanctions are making it hard for miners to sell abroad, and to boost liquidity in its foreign reserves, sources said.
A sudden swell in China's exports of gold and jewelry may signal a resurgence of speculative currency inflows through inflated trade receipts, raising the prospect the central bank could again act to weaken the yuan and punish speculators.
European stocks, low-rated government bonds and the single currency all rose on Monday as financial markets gave a tentative thumbs-up to euro zone bank health checks.
A proposal to prohibit the Swiss National Bank from selling any of its gold reserves has the support of 44 percent of the public, a closely watched survey showed on Friday, though that result falls short of the backing it needs to pass into law.
World stock markets roared their approval on Thursday of reassurances the U.S. Federal Reserve will not rush into raising interest rates, with risk appetite flooding back into almost every asset class.
Asian shares tentatively rose in early trade on Tuesday, while the dollar steadied after investors locked in some gains overnight on its recent rally.
Asian stocks fell on Thursday, dragged lower after the first case of Ebola diagnosed in the United States spooked Wall Street overnight, while a bout of risk aversion pushed down yields and put the dollar's recent rally on pause.
Stocks worldwide began the fourth quarter on a negative note on Wednesday, with investors wary of lackluster economic data and keeping a cautious eye on civil unrest in Hong Kong.
World markets were in hesitant mood on Tuesday as investors wondered what China's response would be to civil unrest in Hong Kong, while the U.S. dollar eased off the throttle after its biggest quarterly gain in six years.
The dollar held near a four-year high against a basket of currencies on Friday, fueled by the biggest yield advantage over the euro in nearly 15 years as the Federal Reserve contemplates hiking interest rates.
The price of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations.
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