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.
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Gold Rebounds From 11-Week Low as Dollar’s Decline Spurs Demand

PT. Equityworld Futures - Gold futures rebounded from an 11-week low as the dollar’s decline boosted the appeal of the precious metal as an alternative investment.
The greenback fell as much as 0.9 percent against a basket of 10 counterparts after a French official said President Barack Obama told delegates at a summit of the Group of Seven that the strong dollar posed a problem. Obama said he didn’t express concerns that the currency’s strength was an issue. Platinum futures also climbed.
Gold futures for August delivery climbed 0.5 percent to settle at $1,173.60 an ounce at 1:39 p.m. on the Comex in New York. On June 5, the price touched $1,162.10.
Platinum futures for July delivery rose 0.8 percent to $1,101.20 an ounce on the New York Mercantile Exchange. Aggregate trading was 25 percent above the 100-day average, according to data compiled by Bloomberg.
Palladium futures for September delivery declined 1 percent to $743.75 an ounce on the Nymex. The price dropped for the seventh straight session, the longest slump since Feb. 4, 2014.
Silver futures for July delivery fell 0.2 percent to $15.959 an ounce on the Comex. The metal dropped for the fourth straight session, the longest slump since March 11.
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Hong Kong Stocks End 1.20% Lower

PT. Equityworld Futures - Hong Kong stocks sank 1.20 percent on Tuesday, tracing a Shanghai sell-off and following another batch of data highlighting ongoing weakness in the Chinese economy.
The benchmark Hang Seng Index slipped 326.76 points to close at 26,989.52 on turnover of HK$166.90 billion (US$21.54 billion).
In mainland China the benchmark Shanghai Composite Index slipped 0.36 percent, or 18.35 points, to 5,113.53 on turnover of 1.2 trillion yuan ($196 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged down 0.15 percent, or 4.49 points, to 2,994.85 on turnover of 782.7 billion yuan.
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Gold Climb for Second Day as Greece Concerns Fuel Haven Demand

PT. Equityworld Futures - Gold gained for a second day as mounting concern that Greece will stumble in its bid to avoid default boosted the metal’s appeal as a haven asset.
Gold futures for August delivery climbed 0.3 percent to settle at $1,177.60 an ounce at 1:44 p.m. on the Comex in New York.
Silver futures for July delivery slipped less than 0.1 percent to $15.957 an ounce on the Comex, declining for a fifth day, the longest streak since May 30, 2014.
Platinum futures for July delivery gained 0.7 percent to $1,108.50 an ounce on the New York Mercantile Exchange. Palladium futures for September delivery slid 0.5 percent to $739.90 an ounce, an eighth straight decline and longest slump since Feb. 4, 2014.
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