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Message: Gold Prices Close Higher As Dollar Falls
Thursday, October 18, 2007 2:25:11 PM - Gold closed higher again on Thursday, pushed by the dollar's drop against the other majors. December-dated gold was at $768.70 an ounce, up $6.40 on the session. Gold reached as high as $771.50, just off its 27-year high of $763.70, reached earlier this week.
Bullion moved up as the dollar moved down. The greenback again extended its record low against the euro and also moved to a 12-week low against the British pound. Gold usually moves in the opposite direction of the dollar as traders tend to turn to the precious metal as a hedge.
Traders considered data released Thursday showing initial jobless claims were up 28,000 to 337,000 in the recent week. On Wednesday, the Labor Department said its consumer price index rose 0.3 percent in September following a 0.1 percent decrease in August. Economists had been expecting a slightly more modest increase of about 0.2 percent.
Later, data showed the pace of growth of business activity in the Philadelphia region's manufacturing sector slowed a little more than expected in October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said that its index of current activity fell to 6.8 in October from 10.9 in September, although a positive reading still indicates growth in the sector. Economists had been expecting the index to fall to 7.0.
Benazir Bhutto Returns To Pakistan, Vows To Thwart Extremists Who “thrived Under Dictatorships” []
Thursday, October 18, 2007 1:57:15 PM - Pakistan's former Prime Minister Benazir Bhutto, who left the country soon after Pervez Musharraf seized power in a coup, returned home to cheering crowds on Thursday after eight years in exile. Speaking to reporters on her arrival at the Karachi airport, Bhutto called for a return to democracy to repair Pakistan's tarnished image as a haven for terrorists.
"The people that you see outside are the real image of Pakistan," Bhutto said about the thousands of her PPP cadres and supporters swarmed outside the airport to have a glimpse of the popular leader. "These are the decent, hard-working, middle classes and working classes of Pakistan who want to be in power so that they can build a moderate modern nation where everybody has equality,” she added.
Bhutto vowed to show the world the real face of Pakistan, not the face of extremists who have “thrived under dictatorships." "I hope I can live up to the great expectations which people here have," said Bhutto, the first ever woman Prime Minister of an Islamic nation.
In an apparent reference to President Musharraf's hold on power, she told CNN that the threats on her life were the result of the rise of extremism and certain people who have gained a lot through dictatorship. Bhutto said she talked with Musharraf about the threats and warned of retaliation from "hidden hands" if any untoward action happens.
Rousing welcome The symbol of millions who crave democracy in a country ruled by a military regime, Bhutto was given an unprecedented welcome as huge crowds gathered at the Karachi airport on Thursday.
Despite threats on Bhutto's life from militants, at least 200,000 people turned out to greet her in Pakistan's largest city, lining the 6km route from the airport into the city center.
Bhutto, aboard a special truck, was escorted by a motorcade and guarded by 20,000 police, anti-sniper shields, and a mass of her own supporters as she proceeded to the tomb of Pakistan's founding father, Mohammed Ali Jinnah, where she plans to make a speech. The 54-year old leader rejected police calls to sit inside the vehicle, instead on top of it with party colleagues.
According to reports from Karachi, the size of the crowd on the streets means Bhutto's convoy is making very slow progress, and it may take until Friday morning local time before she reaches the first stop. Bhutto will eventually travel to her home in an upscale area near the coast after delivering the speech. "It's an extremely moving and emotional moment for me," the BBC quoted Bhutto as saying after her arrival in the afternoon from Dubai, accompanied by about 100 members of her Pakistan People's Party.
When she first stepped onto Pakistani soil at Karachi airport, the daughter of assassinated Prime Minister Zulphikker Ali Bhutto was overcome with emotion and burst into tears, the BBC reported.
"I was looking forward to it for so long, and when I actually landed here I was overcome with my emotions. I could not believe that this day that I have counted the hours, the minutes, the months and the years to, had finally arrived," Benazir told reporters before reaching out to the crowds, many of them dressed in the red, black and green colors of the PPP.
Correspondents say the size of the crowd, the carnival atmosphere, and the enthusiasm that they exhibited was a reflection of the enormous popularity and great support Bhutto still enjoys as a scion of Pakistan's pre-eminent political dynasty.
Benazir, who has vowed to lead the Pakistan People's Party back into power and restore democracy in the country, is set to hold power-sharing talks with President Musharraf that could lead to her becoming Prime Minister again.
Bullion moved up as the dollar moved down. The greenback again extended its record low against the euro and also moved to a 12-week low against the British pound. Gold usually moves in the opposite direction of the dollar as traders tend to turn to the precious metal as a hedge.
Traders considered data released Thursday showing initial jobless claims were up 28,000 to 337,000 in the recent week. On Wednesday, the Labor Department said its consumer price index rose 0.3 percent in September following a 0.1 percent decrease in August. Economists had been expecting a slightly more modest increase of about 0.2 percent.
Later, data showed the pace of growth of business activity in the Philadelphia region's manufacturing sector slowed a little more than expected in October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said that its index of current activity fell to 6.8 in October from 10.9 in September, although a positive reading still indicates growth in the sector. Economists had been expecting the index to fall to 7.0.
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Thursday, October 18, 2007 1:57:15 PM - Pakistan's former Prime Minister Benazir Bhutto, who left the country soon after Pervez Musharraf seized power in a coup, returned home to cheering crowds on Thursday after eight years in exile. Speaking to reporters on her arrival at the Karachi airport, Bhutto called for a return to democracy to repair Pakistan's tarnished image as a haven for terrorists.
"The people that you see outside are the real image of Pakistan," Bhutto said about the thousands of her PPP cadres and supporters swarmed outside the airport to have a glimpse of the popular leader. "These are the decent, hard-working, middle classes and working classes of Pakistan who want to be in power so that they can build a moderate modern nation where everybody has equality,” she added.
Bhutto vowed to show the world the real face of Pakistan, not the face of extremists who have “thrived under dictatorships." "I hope I can live up to the great expectations which people here have," said Bhutto, the first ever woman Prime Minister of an Islamic nation.
In an apparent reference to President Musharraf's hold on power, she told CNN that the threats on her life were the result of the rise of extremism and certain people who have gained a lot through dictatorship. Bhutto said she talked with Musharraf about the threats and warned of retaliation from "hidden hands" if any untoward action happens.
Rousing welcome The symbol of millions who crave democracy in a country ruled by a military regime, Bhutto was given an unprecedented welcome as huge crowds gathered at the Karachi airport on Thursday.
Despite threats on Bhutto's life from militants, at least 200,000 people turned out to greet her in Pakistan's largest city, lining the 6km route from the airport into the city center.
Bhutto, aboard a special truck, was escorted by a motorcade and guarded by 20,000 police, anti-sniper shields, and a mass of her own supporters as she proceeded to the tomb of Pakistan's founding father, Mohammed Ali Jinnah, where she plans to make a speech. The 54-year old leader rejected police calls to sit inside the vehicle, instead on top of it with party colleagues.
According to reports from Karachi, the size of the crowd on the streets means Bhutto's convoy is making very slow progress, and it may take until Friday morning local time before she reaches the first stop. Bhutto will eventually travel to her home in an upscale area near the coast after delivering the speech. "It's an extremely moving and emotional moment for me," the BBC quoted Bhutto as saying after her arrival in the afternoon from Dubai, accompanied by about 100 members of her Pakistan People's Party.
When she first stepped onto Pakistani soil at Karachi airport, the daughter of assassinated Prime Minister Zulphikker Ali Bhutto was overcome with emotion and burst into tears, the BBC reported.
"I was looking forward to it for so long, and when I actually landed here I was overcome with my emotions. I could not believe that this day that I have counted the hours, the minutes, the months and the years to, had finally arrived," Benazir told reporters before reaching out to the crowds, many of them dressed in the red, black and green colors of the PPP.
Correspondents say the size of the crowd, the carnival atmosphere, and the enthusiasm that they exhibited was a reflection of the enormous popularity and great support Bhutto still enjoys as a scion of Pakistan's pre-eminent political dynasty.
Benazir, who has vowed to lead the Pakistan People's Party back into power and restore democracy in the country, is set to hold power-sharing talks with President Musharraf that could lead to her becoming Prime Minister again.
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