Gold Drops Most in Four Weeks as Greek Talks Curb Haven Demand

PT. Equityworld Futures - Gold fell the most in four weeks amid speculation that months of impasse will end as Greece and its creditors reach an aid deal, reducing demand for the metal as a haven.
Global equities climbed after Greece presented a new plan to stave off default, with the Stoxx Europe 600 Index gaining the most in six weeks. The rally for shares spurred less investor interest in precious metals, and gold trading was about 18 percent below the 100-day average for this time, data compiled by Bloomberg show.
Gold futures for August delivery fell 1.5 percent to settle at $1,184.10 an ounce at 1:47 p.m. on the Comex in New York, the biggest decline since May 19.
Prices are dropping after last week capping the biggest rally in a month on signs from the Federal Reserve that increases for U.S. interest rates will be slow. Still, policy makers indicated that they’re on track to tighten monetary policy this year.
Gold may fall to $1,050, the lowest since February 2010, as rates rise, Mitsubishi Corp. forecast last week. Higher rates curb bullion’s allure because the commodity doesn’t pay interest or give returns like other assets such as bonds and equities.
Silver futures for July delivery added 0.2 percent to $16.142 an ounce on the Comex.
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Fed Says Job Gains Pick Up, Staying on Track for 2015 Rate Rise

PT. Equityworld Futures - central bank on track to raise interest rates this year for the first time in almost a decade.
“Economic activity has been expanding moderately,” the Federal Open Market Committee said in a statement Wednesday in Washington. “The pace of job gains picked up,” it said, and “underutilization of labor resources diminished somewhat” since their last meeting in April.
Separately, Fed officials maintained their forecast for the benchmark interest rate at the end of 2015, while lowering it for next year.
Policy makers predicted the rate will rise to 0.625 percent this year, according to their median estimate. That implies two quarter-point increases. Next year, they expect the rate to climb to 1.625 percent, lower than a March forecast of 1.875 percent.
A rebound in job growth is giving Fed officials reason to look beyond a first-quarter economic slowdown as they consider when to tighten policy. At the same time, inflation remains below their target, and central bankers say the timing of a rate increase depends on how economic data unfold.
“The committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of earlier declines in energy and import prices dissipate,” according to the statement.
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Gold Trades Steady as Fed Raises Assessment of U.S. Economy

PT. Equityworld Futures - Gold traded little changed after the Federal Reserve officials raised their assessment of the labor market and the economy.
The metal swung between year-to-date gains and losses more than 10 times in 2015, gyrating as traders tried to gauge the timing of U.S. interest-rate increases. 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 for immediate delivery fell 0.1 percent to $1,181.37 an ounce at 2:04 p.m. in New York, according to Bloomberg generic pricing.
The central bank’s benchmark rate has been near zero percent, a record low, since 2008.
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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)
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