Gold Futures Slump Most in Six Weeks as U.S. Home Sales Jump

PT. Equityworld Futures - Gold futures fell the most in six weeks as signs of a recovery in the U.S. economy curbed demand for the precious metal as an alternative asset. Silver dropped to the lowest since mid-March.
Sales of previously owned homes jumped in March to the highest since September 2013, figures from the National Association of Realtors showed Wednesday. The dollar pared losses against a basket of 10 currencies, while gold dropped to a one-week low. The metal fell 2.5 percent in March as the greenback climbed for the ninth straight month.
Gold futures for June delivery fell 1.3 percent to settle at $1,186.90 an ounce at 1:50 p.m. on the Comex in New York, the biggest drop for a most-active contract since March 6. Earlier, the metal touched $1,185, the lowest since April 14.
Estimated trading for the contract was 261,646 contracts with the highest volume shortly after the housing data was related at 10 a.m.
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Gold Rises as Growing Risk of Greece Default Spurs Haven Demand

PT. Equityworld Futures - Gold futures climbed the most in more than a week on mounting concern that Greece will stumble in its bid to avoid default, boosting demand for the metal as a haven.
The European Central Bank is studying measures to rein in emergency funding for Greek banks as resistance to further aid to the country’s stricken lenders grows, people with knowledge of the discussions said. A Saudi airstrike near Yemen’s capital added to haven demand. On Monday, holdings in exchange-traded products backed by gold rose to 1,621.7 tons, the highest since March 25, data compiled by Bloomberg showed.
Gold futures for June delivery rose 0.8 percent to settle at $1,203.10 an ounce at 1:43 p.m. on the Comex in New York, the biggest gain for a most-active contract since April 10. The price has climbed 1.6 percent this year amid speculation that U.S. interest-rate increases will be gradual.
As of April 1, Russia’s central bank added to reserves about 30 tons, the most in six months, compared with the start of March.
Silver futures for May delivery rose 0.7 percent to $16.008 an ounce on the Comex.
On the New York Mercantile Exchange, platinum futures for July delivery rose 0.3 percent to $1,152.50 an ounce. Palladium futures for June delivery advanced 0.3 percent to $774.55 an ounce.
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Gold Rebounds From Biggest Decline in Six Weeks on Haven Buying

PT. Equityworld Futures - Gold futures recovered from the biggest drop in six weeks as signs of slowing economic growth from China to the U.S. spurred demand for haven assets.
Purchases of new U.S. homes slumped more than forecast in March, while manufacturing slowed in the euro area and China in April, separate reports showed Thursday. The economic data reignited demand for gold after prices on Wednesday fell the most in six weeks amid positive figures for American housing.
Signs of uneven growth in the U.S. have prompted speculation that the Federal Reserve will wait longer to raise interest rates, while central banks in Europe and Asia have expanded stimulus efforts to combat the slowdown. Investors increased their holdings in exchange-traded funds backed by gold for four straight sessions, and the assets are poised to rise in April for the third time in four months.
Gold futures for June delivery added 0.6 percent to settle at $1,194.30 an ounce at 1:45 p.m. on the Comex in New York. The metal is heading for the first monthly gain since January amid the global economic concerns.
Futures dropped 29 percent in the previous two years as the dollar surged and inflation remained muted. Prices climbed 70 percent from December 2008 to June 2011 partly as the Fed held rates near a record low. Higher rates boost the appeal of assets with better yield prospects such as bonds and equities, while cutting the allure of gold, which generally offers returns only through price gains.
The metal fell 2.5 percent in March as the greenback climbed for the ninth straight month. The dollar declined as much as 0.7 percent against a basket of 10 currencies on Thursday.
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Gold Hold Above $1,200 as Inflation Weighed With China Stimulus

PT. Equityworld Futures - Gold held above $1,200 an ounce amid concern that U.S. inflation may boost the case for higher rates, countering expectations of a rise in demand as Greek debt talks remain deadlocked and China steps up stimulus.
Bullion for immediate delivery was at $1,205.30 an ounce at 2:24 p.m. in Singapore from $1,204.22 on Friday, when it completed a 0.3 percent weekly decline, according to Bloomberg generic pricing. Gold in Shanghai extended a weekly advance.
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