Gold at 3-week low on stronger U.S. data, Greece optimism

PT. Equityworld Futures - Gold fell to a three-week low on Wednesday as data showed the U.S. private sector added more jobs than expected in May and prospects increased of a debt deal for Greece.

U.S. private employers added 201,000 jobs, above the 165,000 in April and economists' estimate of a 200,000 gain.

Spot gold was down 0.7 percent at $1,185.56 an ounce by 2:56 p.m. EDT (1856 GMT) after falling more than 1 percent to the lowest since May 11 at $1,179.43. U.S. gold futures for August delivery settled down $9.50 at $1,184.90.

Gold fell despite the U.S. dollar hitting its lowest against the euro in over two weeks after the European Central Bank kept monetary policy steady. European shares turned lower but U.S. stocks extended gains, a source of pressure for gold prices, after the Federal Reserve's Beige Book showed U.S. economic activity expanded from early April to late May.

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Gold Settles Higher After 4 Session Decline

PT. Equityworld Futures - Gold futures settled higher Thursday, putting an end to a four-session streak of declines, but a recent rally in the U.S. dollar kept prices at more than 1% lower week to date.

Gold for June delivery rose $2.50, or 0.2%, to settle at $1,188.10 an ounce on Comex. August gold which is now the most-active contract, settled at $1,188.80, up $2.30, or 0.2%.

July silver also added 2.2 cents, or 0.1%, to $16.669 an ounce.

In other metals trade, July platinum fell $2.70, or 0,2%, to end at $1,116.30 an ounce, while June palladium lost 20 cents to $784.80 an ounce.

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Gold Decline Its Luster as Better U.S. Growth Stokes Rate Concerns

PT. Equityworld Futures - Gold is losing its shine.

Prices have erased almost all of this month’s gains, touching a two-week low on Wednesday. American consumer confidence is proving resilient and the housing market is gaining traction, reports showed this week. The figures signaled that the economy is rebounding from its first-quarter slump, dashing the hopes of gold bulls who were betting that cooler growth would delay interest-rate increases.

Federal Reserve Chair Janet Yellen said last week that rates will be raised this year. Policy makers’ next meeting ends June 17. Higher rates drive investors to favor assets that pay interest, including new bonds, curbing the appeal of gold, which generally offers returns only through price gains.

Gold futures for August delivery dropped 0.1 percent to settle at $1,186.50 an ounce at 1:44 p.m. on the Comex in New York. The price touched $1,183.90, the lowest for a most-active contract since May 12. The metal fell for the fourth straight session, the longest slump since March 6.

Aggregate trading doubled compared with the 100-day average, data compiled by Bloomberg show.

This month, gold has climbed 0.3 percent, paring advances of as much as 4.2 percent.

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PT. Equityworld Futures - Gold futures fell to a two-week low as the dollar strengthened amid speculation that the Federal Reserve will raise U.S. interest rates this year.

The greenback climbed to a one-month high against a basket of 10 currencies, cutting demand for gold as an alternative investment. Accelerating inflation and jobs growth mean the “time is near” for a rate increase, Fed Bank of Cleveland President Loretta Mester said Monday.

Gold swung between year-to-date gains and losses more than 10 times in 2015, gyrating as traders tried to gauge when policy makers are likely to raise borrowing costs. Higher rates drive investors to favor assets that pay interest, including new bonds, curbing the appeal of gold, which generally offers returns only through price gains.

Gold futures for August delivery declined 1.4 percent to settle at $1,187.80 an ounce at 1:46 p.m. on the Comex in New York. The metal touched $1,185.60, the lowest for a most-active contract since May 12. Trading on all monthly contracts doubled compared with the 100-day average, according to data compiled by Bloomberg.

The price dropped 1.7 percent last week. Inflation rose more than forecast in April, government figures showed Friday, and Fed Chair Janet Yellen said the same day it would be “appropriate” to raise rates this year if the economy improves.

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