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BUSINESS
September 25, 2013 | By Stuart Pfeifer
Gold prices on Wednesday morning rose for the first time in four trading sessions on mounting concern that U.S. budget negotiations will collapse and lead to a government shutdown. Gold futures for delivery in December were up 0.6% to $1,324.70 an ounce on the Comex in New York. The price declined 3.9% in the previous three sessions. “Worries about the U.S. government shutting down are pushing people to gold,” Phil Streible, a senior commodity broker at R.J. O'Brien & Associates in Chicago, told Bloomberg News.
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BUSINESS
September 25, 2013 | By Stuart Pfeifer
Gold prices on Wednesday morning rose for the first time in four trading sessions on mounting concern that U.S. budget negotiations will collapse and lead to a government shutdown. Gold futures for delivery in December were up 0.6% to $1,324.70 an ounce on the Comex in New York. The price declined 3.9% in the previous three sessions. “Worries about the U.S. government shutting down are pushing people to gold,” Phil Streible, a senior commodity broker at R.J. O'Brien & Associates in Chicago, told Bloomberg News.
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BUSINESS
August 12, 2013 | By Shan Li
Gold futures jumped higher Monday as the dollar fell in value, but concerns that the Federal Reserve may taper off its monetary stimulus may push prices down. Gold futures for December jumped $22 to $1,344.30 on midday trading Monday, on track for a fourth day of consecutive gains. Gold has been boosted of late by data showing that U.S. wholesale inventories fell unexpectedly for a second straight month in June, which pushed economists to lower their estimates for second-quarter economic growth.
BUSINESS
August 12, 2013 | By Shan Li
Gold futures jumped higher Monday as the dollar fell in value, but concerns that the Federal Reserve may taper off its monetary stimulus may push prices down. Gold futures for December jumped $22 to $1,344.30 on midday trading Monday, on track for a fourth day of consecutive gains. Gold has been boosted of late by data showing that U.S. wholesale inventories fell unexpectedly for a second straight month in June, which pushed economists to lower their estimates for second-quarter economic growth.
BUSINESS
September 23, 2011 | By Tiffany Hsu, Los Angeles Times
Gold may be hot this year on Wall Street, but you won't find much celebrating in the jewelry business. The lofty price of the precious metal — it hit $1,900 an ounce a few weeks ago — has caused a double-whammy for jewelers. It has cost them more to buy new items wholesale, and in turn they jacked up retail prices, often beyond the means of many would-be customers. The week's big drop in financial markets left gold under $1,650, but that's still nearly 16% higher year to date, and analysts widely expect that investors seeking the metal as a haven will drive the price back up. Just about everyone in the business, from nationwide jewelry chains to mom-and-pop independents, has had to put less emphasis on gold, a centuries-old staple.
BUSINESS
March 10, 2001 | From Bloomberg News
Gold prices rose 2% on Friday, extending a three-week rally, on signs that central banks are making less bullion available for lending to speculators, mining companies and jewelers. "We believe central banks are pulling back on the amount of gold they make available to the market," said Michael Paolercio, chief executive of Michael Anthony Jewelers Inc. in Mount Vernon, N.Y., the largest U.S. maker of gold jewelry. Gold for April delivery rose $5.40 to $270.
BUSINESS
August 4, 2011 | By Tiffany Hsu, Los Angeles Times
Gold prices showed no signs of retreat as investors continued to worry about the global economy. Investors, spooked by a raft of discouraging reports about slowing job growth, have been pulling out of stocks and retreating into the safety of the precious metal. Gold rushed to a record $1,663.40 an ounce Wednesday, up $21.50, or 1.3%. Recent reports that showed sluggish job growth and layoffs hitting their highest point in 16 months spooked the stock market Wednesday. Investors also feared the possibility that rating firms might downgrade the U.S. credit rating and the severe fiscal problems facing Europe.
BUSINESS
August 18, 2011 | By Stuart Pfeifer, Los Angeles Times
That stunning rise in the price of gold is having a ripple effect: A rash of jewelry store robberies, street muggings and home burglaries. Now, merchants are stepping up security and police are warning everyone against flaunting their bling. When Capt. Mark Olvera, who runs the LAPD's Newton Division, spotted a beefy man with a gold chain around his neck the other day, he worried the guy might become a victim. "He looked like he could take care of himself," Olvera said. "But that's a couple thousand dollars ... on him. " So far this year, gold chains have been snatched from the necks of at least 110 people during street robberies in Olvera's South Los Angeles division.
BUSINESS
July 30, 1986 | Associated Press
The dollar turned mixed, trading in a narrow range in the United States on Tuesday after falling in Europe. Gold prices were down. Bullion was quoted at $351.75 at 4 p.m. EDT at Republic National Bank in New York, down $2.75 from Monday's late bid. Investors remained bearish about the dollar and were reluctant to take new positions after Federal Reserve Chairman Paul A. Volcker testified before the House Banking Committee, traders said.
BUSINESS
March 1, 1985 | Associated Press
The dollar rose Thursday despite small-scale central bank intervention, rebounding from its massive fall of the previous day. Gold prices fell. Bullion was bid at $287.25 an ounce in late trading at Republic National Bank in New York, down $1 from the late bid Wednesday.
NEWS
June 23, 2013 | By Booth Moore
LAS VEGAS - At the fine jewelry show known as Couture Las Vegas a few weeks ago, there was one big take-away: The sky's the limit. With the economy recovering and gold prices dropping, the fine jewelry business is booming.  I talk with Los Angeles Times Assistant Managing Editor Alice Short about the trends in jewelry in the video here. Notably, gold is back. Gold prices surged over most of the last decade, peaking at nearly $1,900 an ounce in August 2011 and forcing jewelry designers to adjust by augmenting their collections with lower-priced metals such as silver and copper.
BUSINESS
April 16, 2013 | By Walter Hamilton, Tiffany Hsu and Andrew Khouri, Los Angeles Times
Gold has lost some of its gleam among small investors who once saw it as a financial salvation. The precious metal suffered its sharpest price drop in three decades, as the frenzy that drove gold to fantastic heights in recent years reversed course with a vengeance. Gold shriveled more than 9% on Monday, its worst drubbing since 1983. It's down more than 13% in the last two trading days. The loss in gold preceded Monday's bomb attacks in Boston. The losses have been agonizing for individual investors who poured in during recent years.
BUSINESS
April 15, 2013 | By Andrew Tangel
NEW YORK -- Stocks posted sharp losses in Monday trading as commodities fell sharply following disappointing economic data out of China. Gold was also suffering a sharp sell-off. The Dow Jones industrial average, which had been in striking distance of 15,000, was off 156.85 points, or 1.1%, to 14,708.21 in late-day trading on Wall Street. The Dow had been down more than 200 points earlier. The broader Standard & Poor's 500 index was down 22.67 points, or 1.4%, to 1,566.18. The technology-focused Nasdaq was off 52.73 points, or 1.6%, to 3,242.22 Downbeat data out of China fueled worries over slowing growth.
BUSINESS
January 5, 2013 | By Shan Li
India has long had a love affair with gold. But one businessman there is so infatuated with the precious metal, he dropped about $230,000 on solid gold shirt. More than two dozen goldsmiths toiled for 15 days for lender Datta Phuge, who custom ordered the seven-pound top to wear for New Year's festivities, according to the Pune Mirror . The shirt is crafted from 14,000 22-karat gold rings linked together and comes with six Swarovski crystal buttons and a belt also made of gold.
BUSINESS
November 26, 2012 | By Tiffany Hsu
Consumers trying to re-create the classic holiday song “The Twelve Days of Christmas,” in which a true (and loaded) lover goes to town buying some very odd gifts, will have to shell out more than they ever have before. Want a partridge in a pear tree along with a menagerie of other fowl? Five gold rings? A battalion of maids, ladies, lords and more? Time to withdraw $25,431.18 from the bank account, according to PNC Wealth Management's 29th  annual survey . That's a 4.8% increase from last season, after a 3.5% increase in 2011 and a 9.2% leap in 2010.
BUSINESS
August 23, 2012 | By Tiffany Hsu
The spot price of gold lurched up Thursday as anticipation of new stimulus measures worldwide grew. The precious metal was up 1.9% to $1,669.10 an ounce, propelled in part by an unexpected rise in jobless claims that highlighted the job market's weakness. And an HSBC report showing sagging manufacturing performance in China didn't help. Business activity in the Eurozone, including in normally stalwart Germany, is shriveling so fast that many analysts are predicting a recession for the entire region, based on new data from research firm Markit.
BUSINESS
March 1, 2012 | By Tiffany Hsu, Los Angeles Times
Federal Reserve Chairman Ben S. Bernanke's words carried a great deal of weight in the commodity markets — so much so that they squashed the prices of gold and silver. Bernanke told Congress that the U.S. economy was probably headed for modest growth this year, adding that the current increase in oil and gas prices probably would reverse before sparking long-term inflation. The presentation Wednesday signaled to many investors that the Fed's embarking on another round of quantitative easing was an increasingly improbable scenario.
BUSINESS
February 24, 2012 | By Nathaniel Popper and Joel Stonington, Los Angeles Times
While the Dow Jones industrial average has risen toward 13,000, another high-profile market has unexpectedly risen alongside it: gold. The price of the precious metal has surged since the beginning of the year and rose every day this week to climb above $1,780 an ounce Thursday, its highest level in three months. Some investors worried last fall that gold had lost its luster when its price came crashing down amid fears of a double-dip recession. Since the beginning of the year, though, the yellow metal has regained its allure as investors once again sought out a stable place to store money.
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