Gold Declines With Precious Metals on Rally by Equities, Dollar

PT. Equityworld Futures - Gold futures fell the most in a week as rallies by equities and the dollar reduced demand for precious metals as alternative investments.
U.S. and European shares rose after China’s central bank cut lenders’ reserve requirements by the most since the global financial crisis. The dollar rose for the first time in a week against a basket of 10 currencies. Gold fell 2.5 percent in March as the greenback climbed for the ninth straight month. Silver, platinum and palladium slumped Monday.
Gold futures for June delivery fell 0.8 percent to settle at $1,193.70 an ounce at 1:48 p.m. on the Comex in New York, the biggest drop for a most-active contract since April 9. The metal declined for three straight quarters amid concern that the Federal Reserve will raise interest rates.
U.S. monetary policy will remain accommodative once the central bank lifts interest rates, likely in 2015, New York Federal Reserve President William C. Dudley said in a speech Monday at the Bloomberg Americas Monetary Summit.
Silver futures for May delivery fell 2.1 percent to $15.889 an ounce on the Comex. Earlier, the price touched $15.82, the lowest since March 19.
On the New York Mercantile Exchange, platinum futures for July delivery dropped 1.6 percent to $1,148.80 an ounce, the biggest decline since March 30.
Palladium futures for June delivery fell 1.3 percent to $772.40 an ounce, the largest slump since April 8.
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Crude Oil Caps Biggest Weekly Gain in Four Years as Rigs Drop

PT. Equityworld Futures - Oil capped the biggest weekly advance in more than four years in New York on speculation that the drop in U.S. rigs will crimp production.

Futures climbed 7.9 percent this week amid expectations that the idling of U.S. rigs is spurring a slowdown that will trim the global surplus. Shale output will fall in May, the Energy Information Administration said, the first time the agency forecast a drop since it began publishing a monthly drilling report in 2013. Oil services provider Schlumberger Ltd. said it will cut an additional 11,000 jobs.

Oil slipped 1.7 percent Friday after global equity markets slipped as Chinese regulators tightened rules and on renewed concern over Greece’s debt negotiations. U.S. supplies rose to the highest level in 85 years and Saudi Arabia pumped the most crude in three decades in March, reports showed this week.

West Texas Intermediate for May delivery fell 97 cents to settle at $55.74 a barrel on the New York Mercantile Exchange. Prices posted their biggest weekly gain since February 2011. Futures touched $57.42 Thursday, the highest level since Dec. 23.

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U.S. Stocks Fall Amid Global Selloff on AmEx, Inflation Concerns

PT. Equityworld Futures - U.S. stocks retreated amid a global selloff, falling the most three weeks, as American Express Co. tumbled, data signaled stronger inflation and China tightened trading rules.

The Standard & Poor’s 500 Index fell 1.1 percent to 2,081.11 at 4 p.m. in New York, below its average price for the past 50 days.

The S&P 500 was little changed yesterday after approaching its all-time high. While equity indexes from Asia to Europe have climbed to multiyear highs in recent days, the S&P 500 and Dow last hit theirs on March 2, the same day the Nasdaq Composite Index topped 5,000 for the first time in 15 years. The 32-day stretch without celebrating a fresh high is the S&P 500’s longest since July 2013.

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Gold Futures Advance on Haven Appeal Amid Greek Debt Concerns

PT. Equityworld Futures - Gold futures rose on demand for a haven as Greece remained locked in negotiations to secure funding and avoid a default.
Greek government bonds were set for their worst week since the aftermath of the Syriza party’s election in January. The nation faces payments of almost 1 billion euros ($1.1 billion) next month. Earlier, gold climbed as much as 0.8 percent to $1,207.80 an ounce.
Two Federal Reserve officials have said that a recent run of weak U.S. economic data makes them wary of raising borrowing costs too soon, reinforcing forecasts that the Fed will wait until September to tighten. Higher interest rates damp the appeal of gold, which generally offers returns only through price gains.
Gold futures for June delivery climbed 0.4 percent to settle at $1,203.10 at 1:50 p.m. on the Comex in New York. The metal has climbed 5.4 percent from a four-month low of $1,141.60 on March 17.
The cost of living in the U.S., excluding fuel and food, rose 0.2 percent in March, signaling that inflation is starting to firm. Some investors buy gold as a hedge against higher consumer prices.
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