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The price of gold on world markets has a chance to repeat high record that ever broke on July 19, 2011 and at the level of US$ 1,610.5 per ounce.

At the close of this weekend, the price is approaching that level at US$ 1,607.00 per ounce. In New York, gold futures for August delivery traded on COMEX, up US$ 14.50 to settle at US$ 1,601.50 per ounce, up 0.91%. Prices increased slightly after the close of trading hours.

The increase is triggered by the latest news about the bombings and shootings in Norway that killed at least 80 peoples.

Gold rose nearly 1% on Friday after approaching all-time high as the agreement on a bailout plan for Greece and concerns about the lack of agreement on the U.S. debt ceiling encourage safe-haven buying.

“Gold is getting strength from the European bailout plan and investor nervousness about whether these measures will result in a real resolution. The gold market is vote not to,” said Sterling Smith, an analyst at Country Hedging in St. Paul, Minnesota.

But with news about the bomb attack adds to uncertainty and investor interest in low-risk assets.

China’s annual economic growth probably slowed to 9.3 percent in the third quarter from 9.5 percent in the second quarter, with inflation still high, a think-tank said in a forecast issued on Monday (25 /7) quoted by Reuters.

Estimates by the National Development School at Peking University noted a continued slowdown in the world’s second largest economy, which grew by 9.7 percent pace in the first quarter of this year. “The rapid growth in the last 30 years will eventually slow down. The problem is when it will happen and how quickly,” said China Securities Journal quoted Guoqing Song, a professor at the school. “Although economic data is not good, people do not have to worry too much about it,” said Song.

“Gradual slowdown in the economy is the result of government policies that make monetary tightening to control inflation,” analysts said.

The average annual inflation will be in the range of 5.9 percent in July-September period, compared with 5.4 percent in the first half, far exceeding the government’s annual target by 4 percent. Annual inflation reached a three-year high in June at 6.4 percent.

The rules are simple, no transactions relating to alcohol, pornography, or anything that damages morale coupled with the abolition of interest, then that’s the cornerstone of Islamic financial system, which can survive amid the increasing collapse of the state of the world economy, by contrast, Islamic banks have opportunity to continue to grow.

World financial crisis provides an opportunity for Islamic banks based in a number of Gulf countries.

Unlike Western banks, Islamic banks only slightly affected by the wave of Read it all..

China will exceed the U.S. and dominate global trade in 2030, says a leading accounting firm.

China global trade ready to surge exceed the U.S. in 2030, according to a report from PricewaterhouseCoopers (PwC).

Currently, China’s international trade worth 2.21 trillion dollars, compared with 2.66 trillion U.S. dollars.

China established as the world’s second largest economy earlier this year, taking over the Japanese.

According to the PwC report, the coming years will be seen global trade through a fundamental change as new economies like China and India began to dominate the air transport routes and major sea.
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Amid increasing demand from Muslims and non-Muslims, halal food soon became mainstream in Europe with more supermarket chains that offer these foods according to Islamic rules.

“We’re starting to see that these products not only in specialty stores but also began to enter the mainstream of modern retailers,” said Frits Van Dijk, Executive Vice President Nestle, the world’s largest food group.

He added that Nestle recently started selling halal products frozen food and meat based in France.

Van Dijk said that a number of well-known networks such as Britain’s Tesco and Carrefour of France also offer a range of halal products in its outlets.

Milk powder, spices, and sauces are some of the halal products are most popular in Europe today. Read it all..