Tropical cyclone Heidi hit the west Australian coast early on Thursday packing winds up to 120 kilometres per hour, forcing seaside residents to flee rising tidewaters and closing the world's biggest iron ore export terminals.

Demand for gold exchange traded funds (ETF) in India is likely to "explode" as investors get accustomed to "click-and-park" mode of investing, shying away from sagging stock markets and as high inflation eats into bank savings, a trade body head told Reuters on Thursday.

Silver jumped more than 5 percent, rising in tandem with industrial commodities led by copper and crude oil, as encouraging U.S. jobless claims data triggered gains across the board ahead of Friday's key nonfarm payrolls report.

Asian shares and commodities fell on Thursday on growing worries that Europe's intractable debt problems will plunge the world into a second global financial crisis.

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Gold expected to shrug off Q2 demand dip - WGC Related News 1:40am IST Wed, Aug 17 2011 Wed, Aug 17 2011 Wed, Aug 17 2011 Sales assistants reach for gold rings in a glass case to show to customers at a jewellery store in Hefei, Anhui province February

India gold futures are likely to extend gains for a seventh week in a row helped by continued safe haven buying overseas, with investors closely eyeing the movement in the rupee for direction, analysts said.

Gold held steady below $1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in U.S. debt talks.