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According to the latest data released, the consumer sentiment in the US has touched its highest level since July 2007 inciting that the economy is on the path of a stable recovery.

The Reuter's/University of Michigan consumer sentiment index rose 85.1 in July compared to 83.9 in June. The rating of 85.1 is highest for the month since July of 2007 indicating that the US consumers will increase spending during the coming months and boost economic growth in the US economy this year.

According to the latest data available, the gold prices have fallen following reports suggesting higher consumer sentiment and recovery in the economy.

Data showed that Gold for August delivery was trading $10.90 down at $1,317.90 an ounce at the COMEX division of the New York Mercantile Exchange. The gold price was touched a high of $1,350.50 and as low as $1,311.90 an ounce while the spot price fell $14.63 in the market.

Global retail giant, Starbucks has said that it has recorded a 30 per cent in revenues from its Asia-Pacific region, indicating that the region is becoming a major market for the company.

The Seattle-based coffee giant said that the growth is due to 500 new stores openings in China in the previous year and the company is planning to expand further in the country. It said that it is planning to open the doors to its thousandth store in China within this year, indicating that the company is foreseeing huge growth prospects in China.

The Federal Aviation Administration has proposed imposing a $2.75 million civil penalty against airplane manufacturer, Boeing Co for not providing proper solution to the control issues in reasonable amount of time.

Los Angeles, July 27 : Singer Selena Gomez says she does not wish to know the real price of the designer gowns that she flaunts at red carpet events, and she would only spend so much for a dress for her wedding day.

The 21-year-old feels she would only buy elaborate gowns only if it is her wedding dress.

"I don't even want to know how much they usually cost, but it's been really fun for me to dress up and get to meet different designers. I don't think I could ever actually purchase a huge gown unless it's my wedding dress," People magazine quoted Gomez as saying.

Mumbai, July 26 : Union Petroleum and Natural Gas Minister M. Veerappa Moily Friday called for higher investments in the country's oil and gas sector to boost self-sufficiency.

Addressing the National Convention on Oil and Gas 2013, organised by the India Tech Foundation, here, Moily also sought to justify the recent cabinet decision to hike the gas price, saying it would make exploration of natural gas commercially viable.

"Should we pay $6.83 per unit to produce gas domestically or import it at a much higher price? This is the decision we have to make," he said.