Gold Erases This Year’s Losses on Dollar Decline; Silver Jumps

PT. Equityworld Futures - Gold erased its 2015 losses and posted the biggest weekly gain since January as declines for the dollar boosted the metal’s appeal as an alternative investment. Silver climbed the most this year.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, headed for the steepest weekly drop since 2009. Federal Reserve Chair Janet Yellen suggested this week that the U.S. central bank was in no hurry to raise interest rates, even as a statement after a policy meeting showed officials dropped a pledge to be “patient” on tightening.

Gold and silver prices declined last week as investors exited in anticipation of an increase for borrowing costs. Higher rates cut gold’s allure because the metal generally offers returns only through prices gains, sending investors to assets with better yield prospects such as bonds.

Gold futures for April delivery rose 1.3 percent to settle at $1,184.60 an ounce at 1:43 p.m. on the Comex, leaving a gain of less than 0.1 percent for the year. In 2014, the metal fell 1.5 percent. Prices advanced 2.8 percent this week, the most since Jan. 16.

Silver futures for May delivery jumped 4.8 percent to $16.883 an ounce on the Comex, the biggest rise since Dec. 9. This week, prices climbed 9 percent, this most since August 2013.
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Hong Kong Stocks Slip 0.20%, Shanghai Rallies

PT. Equityworld Futures - Hong Kong stocks eased 0.20 percent Tuesday, giving up early gains following a three-day rally, but Shanghai extended a recent rally on hopes China will unveil fresh economy-boosting measures.
The benchmark Hang Seng Index dipped 48.06 points to 23,901.49 on turnover of HK$80.09 billion ($10.33 billion).
In mainland China, the benchmark Shanghai Composite Index jumped 1.55 percent, or 53.54 points, to 3,502.85 -- its highest close since May 2008 -- on turnover of 601.5 billion yuan ($97.7 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 1.23 percent, or 21.59 points, to 1,781.78 on turnover of 497.5 billion yuan.
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Gold Near Three-Month Low as Investors Await Fed Meeting

PT. Equityworld Futures - Gold futures were little changed, trading near a three-month low as investors awaited the conclusion of a Federal Reserve policy meeting.

Key to the debate for Fed officials meeting this week will be whether the U.S. economy has gained enough steam to warrant removing a pledge to be “patient” on raising borrowing costs. Money managers have cut their gold net-long wagers for six straight weeks amid mounting speculation U.S. interest rates will rise.

Gold futures for April delivery climbed 0.1 percent to settle at $1,153.20 an ounce at 1:37 p.m. on the Comex in New York. Prices touched $1,146.50 on March 11, the lowest since Dec. 1. The metal has posted two straight weekly declines.

The Fed policy statement is due at 2 p.m. on March 18 in Washington. Gains in the labor market are increasing the chances the central bank will raise rates, eroding the haven appeal of gold and sending investors to assets with better yield prospects such as bonds and equities.

Silver futures for May delivery gained 0.8 percent to $15.617 an ounce on the Comex, the second increase in three sessions.

Platinum futures for April delivery slid 0.7 percent to $1,107.90 an ounce on the New York Mercantile Exchange. The price touched $1,105, the lowest since July 2009. Palladium futures for June delivery dropped 1.1 percent to $780.10 an ounce.
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Gold Futures Decline to 18-Week Low as Investors Sell ETP Assets

PT. Equityworld Futures - Gold futures slumped to an 18-week low as investors exited funds backed by the metal before a Federal Reserve policy meeting.
Holdings in gold exchange-traded products fell for a 14th straight day Monday, the longest run in more than a year. Almost 90 percent of economists surveyed by Bloomberg predict Fed officials will drop a pledge to be “patient” on raising interest rates from a policy statement due at the conclusion of their gathering Wednesday.
The precious metal has fallen 3 percent in 2015 on concern rates will rise, sending investors to assets with better yield prospects such as bonds and equities. Money managers have cut their gold net-long wagers for six straight weeks, and ETP assets are at the lowest since Jan. 21.
Gold futures for April delivery fell 0.4 percent to settle at $1,148.20 an ounce at 1:43 p.m. on the Comex in New York. The price touched $1,141.60, the lowest since Nov. 7, when the metal reached a four-year low of $1,130.40.
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