Gold Falls Most This Year as Euro Rebound Cuts Demand

PT. Equityworld Futures - Gold futures fell the most this year on speculation that an election victory in Greece by the anti-austerity political party won™t result in the country™s exit from the euro zone, crimping demand for haven assets.
The euro rebounded from an 11-year low against the dollar as Greek Prime Minister-elect Alexis Tsipras pledged to keep the nation within the single currency area. Gold rose for three straight weeks partly as Europe™s flagging economy drove demand for a store of value.
After posting two straight annual declines, gold last week reached a five-month high after the European Central Bank announced plans to increase economic stimulus, raising the appeal of alternatives to currencies that are being revalued. The metal dropped 29 percent in the previous two years as the American economy improved.
Gold futures for February delivery dropped 1 percent to settle at $1,279.40 an ounce at 1:44 p.m. on the Comex in New York, the biggest decline for a most-active contact since Dec. 31. Aggregate trading was 38 percent more than the 100-day average, according to data compiled by Bloomberg.

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U.S. Stocks Retreat as Earnings Results Offset ECB Stimulus Plan

PT. Equityworld Futures - U.S. stocks fell, trimming the first weekly gain of 2015, as weaker-than-forecast results at companies from United Parcel Service Inc. to Kimberly-Clark Corp. offset confidence that central banks will support global growth.

UPS slumped 9.9 percent as it said preliminary 2014 earnings were lower than previously forecast. Bank of New York Mellon Corp. and State Street Corp. led financial shares lower after both said the falling euro hurt revenue from the region. Kimberly-Clark dropped 6.1 percent after forecasting 2015 earnings that missed estimates.

The Standard & Poor™s 500 Index lost 0.6 percent to 2,051.82 at 4 p.m. in New York, paring a weekly gain to 1.6 percent. The Dow Jones Industrial Average dropped 141.38 points, or 0.8 percent, to 17,672.60. The Nasdaq Composite Index gained 0.2 percent. The Stoxx Europe 600 Index rallied 1.7 percent a day after the European Central Bank expanded its stimulus plan.

About 6.5 billion shares changed hands on U.S. exchanges today, in line with the three-month average. Selling accelerated in the final 30 minutes of trading as materials producers extended declines to 1.6 percent and investors anticipated the results of an election in Greece on Sunday. Opinion polls show the anti-austerity party may win enough votes to take power.

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Gold Falls, Trimming Three-Week Gain as Goldman Cuts Forecasts

PT. Equityworld Futures - Gold fell, paring gains after a three-week rally, as Goldman Sachs Group Inc. said low inflation and higher U.S. interest rates will drag down prices later this year.

Goldman cut its estimates for 2016 and 2017, predicting that prices will average $1,089 and $1,050 an ounce, according to a Jan. 23 report. The New York-based bank said bullion will be supported at current levels for the next few months, citing weaker-than-expected U.S. economic data and more stimulus from the European Central Bank.

Bullion for immediate delivery declined 0.6 percent to $1,294.47 per ounce at 11:06 a.m. in London, according to Bloomberg generic pricing. Prices are near the highest level since August after climbing 1.1 percent this week.

Gold has jumped 9.3 percent this year as stagnating economies challenged policy makers to find new ways to buoy growth. ECB President Mario Draghi pledged to buy 60 billion euros ($67 billion) every month through September next year in a push to put more cash in circulation and revive inflation.

Federal Reserve policy makers meet next week to discuss interest rates as inflation hovers below a 2 percent target and the economy shows improvement.

Gold for February delivery dropped 0.4 percent to $1,296.20 on the Comex. Traders and analysts surveyed by Bloomberg were positive on gold for the eighth straight week, with the number of bullish responses outstripping bearish ones by 15 to 8.

Silver for immediate delivery retreated 0.5 percent to $18.2508 per ounce. Prices are set for a third weekly increase, the longest rally since July. Palladium fell 0.6 percent to $772 per ounce. Platinum lost 0.8 percent to $1,275.70 per ounce.

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Gold Falls to Pare Three-Week Rally as Goldman Cuts Forecasts

PT. Equityworld Futures - Gold futures fell, paring gains from a three-week rally, as Goldman Sachs Group Inc. said low inflation and higher U.S. interest rates will drag down prices later in 2015.

Goldman pegged the metal at an average $1,089 an ounce for 2016 and $1,050 in 2017, both down from $1,200 forecasts. Gold will be supported at current levels for the next few months because of weaker-than-expected U.S. economic data and more stimulus from the European Central Bank, the New York-based bank said Friday in a report.

Gold futures for February delivery declined 0.6 percent to settle at $1,292.60 at 1:52 p.m. on the Comex in New York. On Thursday, the price reached $1,307.80, the highest for a most-active contract since Aug. 15.

The Stoxx Europe 600 Index rose on Friday to the highest since December 2007, and the euro pared declines against the dollar, eroding the appeal of gold as an alternative asset.

This month, gold has jumped 9.2 percent as stagnating economies challenged policy makers to find new ways to buoy growth. ECB President Mario Draghi pledged to buy 60 billion euros ($67 billion) of debt a month through September next year.

Silver futures for March delivery fell 0.3 percent to $18.30 an ounce. This year, the price has jumped 17 percent, the most among 22 raw materials in the Bloomberg Commodity Index.

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