Gold Drops Below $1,200 as Optimism on Greece Cuts Haven Demand

PT. Equityworld Futures - Gold futures fell below $1,200 an ounce as Greece and European finance ministers reached an accord on a bailout extension, eroding demand for the precious metal as a haven.
The metal posted the fourth straight weekly decline, the longest slump since early October. On Wednesday, the price touched 1,197.20, the lowest since Jan. 5, partly on signs of declining demand in China. Earlier Friday, gold climbed as much as 0.6 percent after Malta™s finance chief said a German-led bloc is willing to let Greece leave the euro.
Gold futures for April delivery dropped 0.2 percent to settle at $1,204.90 at 1:49 p.m. on the Comex in New York. After the close, the price touched $1,197.70.
This year, the metal has climbed 1.8 percent as Greek turmoil spurred currency volatility. Tension in the region also signaled sluggish economic growth, boosting the appeal of gold as a store of value.

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Gold turns up as Fed minutes show patience on rate hike

PT. Equityworld Futures - Gold rose on Wednesday, rebounding above a six-week low after minutes from the Federal Reserve's latest meeting showed policymakers were concerned about raising interest rates too soon.

Minutes from the Federal Open Market Committee's January meeting expressed concern that raising interest rates too soon could pour cold water on the U.S. economic recovery. Policy makers also fretted over the impact of dropping "patient" from the central bank's interest rate guidance.

Spot gold rose 0.1 percent to $1,209.56 an ounce at 3:07 p.m. EST (2007 GMT), after earlier falling to a six-week low at $1,197.56. U.S. gold futures for April delivery settled down $8.40, or 0.7 percent, at $1,200.20 an ounce.

Platinum prices also rose after sliding to their lowest in 5-1/2 years.

Gold has come under pressure from expectations the Fed will raise interest rates as early as June, potentially lifting the dollar and boosting the opportunity cost of holding non-yielding assets like bullion.

Earlier, gold prices had extended the prior day's steep losses as hopes for a resolution to Greece's debt talks sent European stocks to a seven-year high. Prices found technical support at the 61.8 percent Fibonacci retracement level from the January high to the November low.

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Gold Climbs With Silver as Fed Minutes Show Rates May Stay Low

PT. Equityworld Futures - Gold futures rose the most this month after minutes from the Federal Reserve™s January meeting showed policy makers argued for keeping interest rates near record lows for longer. Silver advanced.
Bullion for April delivery added as much as 1.9 percent, the most since Jan. 30, to $1,222.90 an ounce. It was at $1,221 by 7:34 a.m. on the Comex in New York, after touching a six-week low of $1,197.20 on Wednesday.
Gold for immediate delivery climbed 0.7 percent to $1,220.86 in London, according to Bloomberg generic pricing.
Prices gained 3.1 percent on the futures market this year, partly as turmoil over Greece spurred haven demand. The country™s government submitted a request to its euro-area creditors to extend the availability of bailout funds for six months in a last-ditch effort to avert a cash crunch. Germany rejected Greece™s request, saying its offer doesn™t meet the euro region™s conditions for continuing aid.

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Gold Futures Tumble to Six-Week Low on Signs China’s Demand Ebbs

PT. Equityworld Futures - Gold futures fell to a six-week low approaching $1,200 an ounce on speculation that Chinese demand will fall during the Lunar New Year holiday. Silver tumbled, and platinum dropped to the cheapest in more than five years.
Volume in the Shanghai Gold Exchange™s benchmark spot contract dropped to the lowest in a year. Markets in China, the world™s second-biggest buyer, will be closed for five sessions starting Wednesday. Investors assessed the risks from a breakdown in talks between Greece and its creditors as U.S. equities traded close to a record high.
Gold futures for April delivery fell 1.5 percent to settle at $1,208.60 at 1:54 p.m. on the Comex in New York. Earlier, the price touched $1,203.30, the lowest for a most-active contract since Jan. 6. Floor trading was closed on Monday for the U.S. Presidents™ Day holiday.

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