Gold Falls to Pare Three-Week Rally as Goldman Cuts Forecasts

PT. Equityworld Futures - Gold futures fell, paring gains from a three-week rally, as Goldman Sachs Group Inc. said low inflation and higher U.S. interest rates will drag down prices later in 2015.

Goldman pegged the metal at an average $1,089 an ounce for 2016 and $1,050 in 2017, both down from $1,200 forecasts. Gold will be supported at current levels for the next few months because of weaker-than-expected U.S. economic data and more stimulus from the European Central Bank, the New York-based bank said Friday in a report.

Gold futures for February delivery declined 0.6 percent to settle at $1,292.60 at 1:52 p.m. on the Comex in New York. On Thursday, the price reached $1,307.80, the highest for a most-active contract since Aug. 15.

The Stoxx Europe 600 Index rose on Friday to the highest since December 2007, and the euro pared declines against the dollar, eroding the appeal of gold as an alternative asset.

This month, gold has jumped 9.2 percent as stagnating economies challenged policy makers to find new ways to buoy growth. ECB President Mario Draghi pledged to buy 60 billion euros ($67 billion) of debt a month through September next year.

Silver futures for March delivery fell 0.3 percent to $18.30 an ounce. This year, the price has jumped 17 percent, the most among 22 raw materials in the Bloomberg Commodity Index.

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Gold Futures Approach $1,300 to Post Longest Rally in 11 Months

PT. Equityworld Futures - Gold futures approached $1,300 an ounce to post the longest rally in 11 months on speculation that the European Central Bank will boost economic stimulus, increasing demand for the precious metal as a haven.

Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by the metal, last week rose 3.3 percent, the most since May 2010. Futures posted the biggest weekly gain in 18 months after the Swiss central bank unexpectedly abandoned its currency peg against the euro. The International Monetary Fund on Monday made the steepest cut to its global-growth outlook in three years.

The metal on Tuesday climbed to a 20-week high amid speculation that stagnant foreign economies will prompt the Federal Reserve to wait longer before raising interest rates. ECB President Mario Draghi will probably announce a 550 billion-euro ($638 billion) program of quantitative easing this week, economists said in a Bloomberg survey.

Gold futures for February delivery climbed 1.4 percent to settle at $1,294.20 at 1:39 p.m. on the Comex in New York. Earlier, the price touched $1,297.20, the highest for a most-active contract since Aug. 28. The metal advanced for a seventh straight session, the longest rally since Feb. 18.

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European Stocks Rise Third Day Amid Expectations of ECB Stimulus

PT. Equityworld Futures - European stocks advanced for a third day, extending their highest level since 2008, amid investor expectations the European Central Bank will announce a plan for quantitative easing this week.

The Stoxx Europe 600 Index added 0.2 percent to 353.18 at the close of trading. The equity gauge pared gains in the final hour after earlier increasing as much as 0.7 percent. Stocks climbed to a 7-year high on Friday as rising oil producers outweighed a slump in Swiss shares. Switzerland™s SMI Index rebounded 3.2 percent today after posting its worst week since 2008 following the Swiss National Bank™s surprise move to end a cap on the franc.

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Gold Trades Above Platinum as Bullion ETPs Gain on Haven Demand

PT. Equityworld Futures - Gold traded at the biggest premium to platinum since April 2013 as bullion was near a four-month high amid demand for a haven.

An ounce of gold bought as many as 1.012 ounces of platinum in London today, data compiled by Bloomberg show. The ratio had mostly held below 1 since April 2013. Holdings in gold-backed exchange-traded products jumped 26.2 metric tons in the two days through Jan. 16, the biggest advance since 2011.

Bullion climbed 4.7 percent last week, the most since August 2013, after the Swiss National Bank decided to let the currency trade freely against the euro and deepened negative deposit rates. Chinese equities lost the most since 2008 today and the European Central Bank may announce additional stimulus measures at a meeting this week.

Gold for immediate delivery lost 0.3 percent to $1,277.14 an ounce by 11:15 a.m. in London, after reaching $1,283 earlier today, the highest since Sept. 2. Platinum fell 0.3 percent to $1,263.25. U.S. financial markets are closed for Martin Luther King Day.

A slump in commodity prices has raised speculation that the Federal Reserve may hold back from increasing its key rate, which has been kept near zero since 2008, as data has showed inflation held below the central bank™s 2 percent target. ECB policy makers meet Jan. 22, three days before Greek elections that™s spurred concern the country may exit the currency bloc.

Silver for immediate delivery declined 0.5 percent to $17.6978 an ounce, reversing an advance to $18.0075 earlier today, the highest since Sept. 19. Prices climbed 7.8 percent last week, the most since August 2013. Palladium rose 1.1 percent to $765.90 an ounce.

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