Gold dented by firm dollar ahead of Fed meeting, Greece in focus

PT. Equityworld Futures - Gold slipped on Tuesday as the dollar firmed ahead of the U.S. Federal Reserve policy meeting, while a looming Greek crisis failed to trigger sustained demand for safe-haven assets.
Spot gold fell 0.7 percent to $1,178.06 an ounce by 1419 GMT, while U.S. gold futures for August delivery were down $8.20 an ounce at $1,177.60.
Bullion has not made much headway in recent months because of uncertainty over the timing of a rate rise, which would reduce demand for the non-interest-paying asset.
U.S. data on Tuesday showed a fall in housing starts in May, but a surge in permits for future construction to the highest level in nearly eight years suggests the pullback will be temporary.
European equities fell on the concerns about Greece, with Athens and its creditors hardening their stances after the latest breakdown in talks.
There were continued outflows for exchange-traded bullion funds, with assets at top fund SPDR Gold Trust falling 0.3 percent to 701.9 tonnes on Monday, the lowest since 2008.
In other metals, silver was down 1.1 percent at $15.90 an ounce, while palladium lost 0.1 percent to $734.25.
Platinum fell 0.9 percent to $1,076.75, within sight of a six-year low of $1,072.50 hit on Monday on a combination of weaker equities and lower gold prices, analysts said. ($1 = 0.8891 euros)
Sumber : ewfpro.com

China’s Stocks Head for Second Week of Gains on Monetary Bets

PT. Equityworld Futures - China’s stocks rose, sending the benchmark index toward a second week of gains, as the prospect of more monetary stimulus overshadowed concern a flood of new share sales will divert funds from existing equities.
The Shanghai Composite Index added 0.6 percent to 5,150.68 at 9:45 a.m., taking this week’s advance to 2.5 percent. Data this week showed parts of the economy stabilizing as factory output and credit growth accelerated in May, while exports and producer prices slid. The People’s Bank of China may cut banks’ reserve-requirement ratios as early as this weekend, according to China Merchants Bank Co.
The China Securities Regulatory Commission has approved 24 new share sales, according to a statement released Tuesday. Subscriptions for 25 A-share initial public offerings including Guotai Junan Securities Co. may tie up 6.68 trillion yuan of liquidity starting mid-June, according to the median estimate of 6 analysts surveyed by Bloomberg.
Sumber : ewfpro.com

Gold Poised for Weekly Gain as Greece Concerns Weighed With Fed

PT. Equityworld Futures - Gold headed for the first weekly climb in a month as the International Monetary Fund’s decision to walk out of talks with Greece on financial aid outweighed the outlook for higher U.S. interest rates.
Bullion for immediate delivery traded at $1,182.22 an ounce by 2:20 p.m. in Singapore from $1,182.01 on Thursday, when prices fell 0.3 percent, according to Bloomberg generic pricing. The metal is set to advance 0.9 percent this week, the first weekly gain since the period ended May 15. Gold in Shanghai was little changed, set for a weekly increase.
The IMF said its team flew out of Brussels after failing to make progress on a debt deal needed to help Greece avoid default. European Union President Donald Tusk abandoned his neutral position as a broker of EU compromises, telling Greece’s Prime Minister Alexis Tsipras to stop maneuvering and decide whether to accept the conditions on financial aid. The standoff has fueled concern that Greece will exit the euro area, boosting bullion’s appeal has a haven.
Gold has dropped almost 10 percent from this year’s peak in January amid speculation the U.S. Federal Reserve will raise borrowing costs for the first time since 2006 as the economy improves. Higher rates drive investors to favor assets that pay interest, curbing the allure of the metal.
Sumber : ewfpro.com

Gold Embracing Dollar Once More as Haven Demand Fail to Emerge

PT. Equityworld Futures - The dollar is dominating the gold market.
With markets showing relative calm in the face of Greece’s debt crisis and equities near all-time highs, there’s little demand for the safety of haven assets like gold, giving changes in the dollar more sway. The metal has moved in the opposite direction as the Bloomberg Dollar Spot Index every day except one this month.
Gold futures for August delivery fell 0.1 percent to settle at $1,179.20 an ounce at 1:41 p.m. on the Comex in New York. On Thursday, prices declined 0.5 percent.
The Bloomberg Dollar Spot Index climbed as much as 0.6 percent.
The 30-day correlation between gold and the dollar index was negative 0.63 on Friday, the lowest since December, according to data compiled by Bloomberg. A reading of 1 would signal the two moved in lockstep in the same direction, and minus 1 reflects opposite movements.
Silver futures for July delivery fell 0.8 percent to $15.825 an ounce, the first decline in three days. Prices lost 1 percent this week. Platinum and palladium also declined.
Sumber : ewfpro.com