Gold Futures Rebound as U.S. Economy Grows Less Than Estimated

PT. Equityworld Futures - Gold futures rebounded after a government report showed that the U.S. economy expanded at a slower pace than previously estimated in the fourth quarter.
The U.S. grew at a 2.2 percent annualized rate, down from an initial estimate of 2.6 percent, the Commerce Department said Friday. The figure for household consumption was also revised lower.
Slowing American expansion gives the Federal Reserve more room to keep interest rates low, reviving the appeal of precious metals as a store of value. Gold dropped 29 percent in the previous two years as the U.S. economy gained traction, increasing concern that the central bank would raise borrowing costs.
Gold futures for April delivery rose 0.2 percent to settle at $1,213.10 an ounce at 1:37 p.m. on the Comex in New York, after falling as much as 0.5 percent.
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Asian Stocks Retreat From Five-Month High Before Yellen Speech

PT. Equityworld Futures - Asian stocks declined, with the regional benchmark index retreating from a five-month high, as investors await progress on Greece’s bailout extension and testimony to Congress by Federal Reserve Chair Janet Yellen.
Sands China Ltd. sank 2 percent in Hong Kong, pacing losses among casino operators after Credit Suisse Group AG predicted Macau gaming revenue will be weak during the Lunar New Year holiday. Takata Corp. slumped 2.6 percent in Tokyo after U.S. regulators said they will begin to fine the car-parts maker for not fully cooperating with an investigation into exploding airbags. Medical-equipment maker Terumo Corp. added 1.1 percent after a report operating profit may climb to a record.
The MSCI Asia Pacific Index slipped 0.1 percent to 144.90 as of 4:23 p.m. in Hong Kong after rising as much as 0.3 percent. The gauge advanced 1.5 percent last week, while the Standard & Poor’s 500 Index and Dow Jones Industrial Average climbed to all-time highs. Euro-area finance ministers reached an agreement intended to keep aid flowing to Greece for four months in return for a commitment to budget targets, buying time to work out the details of longer-term financing.
Investors will receive further clues on the Fed’s assessment of the U.S. economy and the timing of a rate increase when the central bank’s Yellen gives two days of testimony to Congressional finance committees starting Tuesday.
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Gold Holds Above $1,200 as Investors Assess Rate Outlook, Greece

PT. Equityworld Futures - Gold traded above $1,200 an ounce before Federal Reserve Chair Janet Yellen addresses lawmakers in remarks that may give signals about the interest rate outlook and as investors tracked Greek efforts to secure bailout funds.
Bullion for immediate delivery was at $1,203.97 an ounce at 9:33 a.m. in Singapore from $1,201.83 on Monday, according to Bloomberg generic pricing. Prices fell to $1,191.19 on Feb. 23, the lowest since Jan. 5, as Greece sought a deal with creditors to unlock further cash by the end of the month.
Yellen is scheduled to testify in the Senate on Tuesday and in the House of Representatives the following day. She will probably provide an update on the central bank™s view after policy makers signaled at their Jan. 27-28 meeting they™re willing to keep interest rates low for longer given risks to the economy. Higher borrowing costs cut gold™s allure because the metal generally offers returns only through price gains.
Many central bank officials pointed to risks ranging from a stronger dollar to the turmoil in Greece as weakening the case for the first rate rise since 2006, according to the record of the bank™s January meeting, released on Feb. 18.
Greece™s month-old government submitted a draft list of new economic measures to creditor institutions on Monday offered in exchange for four months of additional funding. The proposals need to be validated by the International Monetary Fund, the European Central Bank and the European Commission, and then put to national parliaments for formal consent.
Gold for April delivery added 0.2 percent to $1,203.50 an ounce on the Comex. The most-active contract fell as much as 1.2 percent to $1,190.60 on Monday, the lowest since Jan. 5.

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Gold Drops to Seven-Week Low on Greek Accord as Platinum Falls

PT. Equityworld Futures - Gold futures fell to a seven-week low after Greece reached a provisional accord on a bailout with euro-area finance ministers, reducing demand for the metal as a haven. Platinum dropped to the cheapest in five years.
Gold has dropped below $1,200 an ounce after last month topping $1,300, partly on speculation that Greece would reach a debt agreement. The metal fell as the dollar gained amid bets the Federal Reserve will raise interest rates this year. Fed Chair Janet Yellen is scheduled to speak Tuesday in the Senate and the following day in the House.
On the Comex in New York, gold futures for April delivery fell 0.3 percent to settle at $1,200.80 at 1:40 p.m. Earlier, the price touched $1,190.60, the lowest for a most-active contract since Jan. 5.
Aggregate trading was 30 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

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