Shandong Gold Mining Co. Ltd plans to apply for loans worth up to $1.26 billion via its unit to fund the acquisition of a stake in Barrick Gold Corp's mine in Argentina, the Chinese precious metal producer said on Friday.
Growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday, beating expectations in a reassuring sign the world's second-biggest economy is not losing too much steam after a solid first quarter performance.
London copper fell on Wednesday after credit ratings agency Moody's downgraded China due to its massive debt, with muted trade expected ahead of the release later in the session of minutes from the Federal Reserve's last meeting. "After a set of less-than-positive U.S. data, a debt (agency) downgrading China, Noble struggling ... and the banks reporting a 29-percent drop in commodities revenue, the markets were always going to struggle and struggle they are," said Kingdom Futures in a report.
Gold held steady early on Wednesday, after falling 0.7% in the previous session, as investors waited for cues on the U.S. Federal Reserve's rate hike stance from minutes of the central bank's latest meeting, due later in the day.
The Chicago Federal Reserve said on Monday its gauge of U.S. economic activity strengthened in April to its highest level since late 2014, suggesting an acceleration in production and hiring activity following an anemic first quarter.
The New York Federal Reserve said on Friday it raised its outlook for U.S. economic growth in the second quarter, citing positive surprises from industrial production and capacity utilization data in April which helped offset last month’s drop in home construction.