WTI Trades Near Three-Month High on Crude Supplies

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West Texas Intermediate traded near the highest price in three months as government data showed crude inventories dropped for a second week in the U.S., the world��s biggest oil consumer. Brent rose in London.

Futures were little changed in New York after advancing 0.1 percent yesterday. Crude stockpiles fell by 2.6 million barrels to 386.9 million last week while gasoline supplies gained, the Energy Information Administration reported. OPEC agreed to maintain its production target at 30 million barrels a day, a widely anticipated decision that left the group��s output below projected demand for the rest of the year.

WTI for July delivery was at $104.63 a barrel in electronic trading on the New York Mercantile Exchange, up 23 cents, at 12:17 p.m. Sydney time. The contract settled at $104.41 on June 9, the highest close since March 3. The volume of all futures traded was about 26 percent below the 100-day average. Prices have advanced 6.3 percent this year.

Brent for July settlement rose as much as 44 cents, or 0.4 percent, to $110.39 a barrel on the London-based ICE Futures Europe exchange. The contract expires tomorrow. The European benchmark oil traded at a $5.74 premium to WTI. The gap widened for the first time in four days yesterday to close at $5.55.

U.S. gasoline stockpiles expanded by 1.7 million barrels to 213.5 million in the week ended June 6, according to the EIA, the Energy Department��s statistical arm. A median 1 million gain was estimated in a Bloomberg News survey of 11 analysts.

Source : Bloomberg

Gold Holds Near Two-Week High as Palladium ETPs Expand to Record

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Gold held near the highest level in two weeks as a rally in equities faltered, boosting demand for alternative investments. Assets in palladium-backed exchange-traded products expanded to a record.

Gold for immediate delivery traded at $1,260.35 an ounce by 9:26 a.m. in Singapore from $1,261.07 yesterday, according to Bloomberg generic pricing. The metal yesterday climbed to $1,265.32, the highest level since May 28, as the Dow Jones Industrial Average halted a five-day advance after the World Bank cut its forecast for global growth.

The Washington-based lender said in a June 10 report that the world economy will expand 2.8 percent this year, compared with a January projection of 3.2 percent, amid slower growth in the U.S., China and Russia. In China, the largest gold consumer, volumes for the benchmark spot contract in Shanghai rose to a two-week high of 15,176 kilograms yesterday.

Bullion sank 28 percent in 2013 to end a 12-year bull run on speculation the Fed will trim asset purchases used to fuel growth as the economy recovers. Data today may show U.S. retail sales rose in May. The central bank has made four cuts since January and next meets June 17-18.

Gold for August delivery traded at $1,260.40 an ounce on the Comex in New York from $1,261.20 yesterday.

Palladium for immediate delivery retreated 0.2 percent to $859.25 an ounce after advancing to $864 yesterday, the highest level since February 2001. Holdings in ETPs backed by the metal rose to an all-time high of 91.93 metric tons yesterday, according to data compiled by Bloomberg.

Platinum lost 0.6 percent to $1,474.19 an ounce after climbing to $1,487 yesterday, the highest level since May 23. The union on strike at the world��s biggest platinum producers in South Africa, which ranks second in palladium production, is consulting its members after the latest effort to break the four-month deadlock ended in failure and without any plans for further negotiations.

Silver fell 0.1 percent to $19.1818 an ounce.

Source : Bloomberg

Gold logs third session climb, holds above $1,260

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SAN FRANCISCO �� Gold futures settled higher for a third session in a row Wednesday, modestly extending a rise above $1,260 an ounce as optimism over global growth prospects took a hit and equities gave back some gains from their record run.

Gold for August delivery rose $1.10, or 0.1%, to settle at $1,261.20 an ounce on the Comex division of the New York Mercantile Exchange. Prices, which marked a fresh two-week closing high, gained roughly 0.6% over the past two trading sessions.

July silver settled little changed at $19.17 an ounce.

Source : MarketWatch

Gold Set for Longest Rally Since April on Economic Haven Demand

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Gold futures headed for the longest rally in six weeks after the World Bank cut its forecast for global economic growth, boosting demand for the metal as a haven.

The Washington-based lender estimates the global economy will expand 2.8 percent this year, down from a January projection of 3.2 percent. The bank reduced outlooks for the U.S., China, Russia, India and Brazil. Gold rose to a six-month high in March as tension in Ukraine escalated and concern mounted that U.S. growth was stalling.

The precious metal slumped 28 percent last year, ending a 12-year rally, as equities surged and on expectations that the Federal Reserve would slow the pace of U.S. monetary stimulus as the economy improved. Last week, the European Central Bank became the first major central bank to take one of its main rates negative.

Gold futures for August delivery rose 0.2 percent to $1,262.40 an ounce at 9:56 a.m. on the Comex in New York, heading for a third straight gain and the longest rally since April 25. Trading was 45 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

Source : Bloomberg

WTI Trades Near Three-Month High on Iraqi Unrest; Brent Gains

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West Texas Intermediate traded near the highest level in three months amid concern that Iraqi unrest may threaten oil supply. Brent rose in London as OPEC ministers meet in Vienna.

Futures rose as much as 0.4 percent in New York as fighters from a breakaway al-Qaeda group took control of the city of Mosul and there were conflicting reports about the situation in Baiji, home to the Iraq��s biggest refinery. Crude stockpiles probably dropped by 2 million barrels last week to 387.5 million, a Bloomberg News survey shows before Energy Information Administration data today.

WTI for July delivery was at $104.58 a barrel in electronic trading on the New York Mercantile Exchange, up 23 cents, at 11:22 a.m. London time. The contract rose to $105.06 a barrel yesterday, the highest intraday level since March 3. The volume of all futures traded was about 38 percent below the 100-day average for the time of day. Prices have increased 6.3 percent this year.

Brent for July settlement gained 42 cents at $109.94 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $5.34 to WTI. The spread narrowed for a third day yesterday to close at $5.17.

Sumber: Bloomberg

Gold Climbs Toward 2-Week High

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Gold rose toward the highest level in almost two weeks as prices that declined to a four-month low spurred physical purchases. Platinum and palladium holdings in exchange-traded products expanded to records.

Gold for immediate delivery climbed as much as 0.2 percent to $1,262.69 an ounce before trading at $1,261.09 by 2:07 p.m. in Singapore. The metal yesterday reached $1,263.66, the highest level since May 28, according to Bloomberg generic pricing. Bullion fell to $1,240.73 on June 3, the lowest since Jan. 31, as U.S. economic data that beat estimates sent the Standard & Poor��s 500 Index to a record.

In China, the world��s largest bullion consumer, volumes for the benchmark spot contract in Shanghai rose for a second day yesterday to a two-week high of 12,914 kilograms, climbing from a two-month low of 8,568 kilograms on June 6. Data this week may show U.S. retail sales rose in May. U.S. employment exceeded its pre-recession peak, according to a June 7 report.

Bullion sank 28 percent in 2013 to end a 12-year bull run on speculation the Federal Reserve will reduce bond purchases used to fuel growth as the economy improves. The central bank has made four cuts since January and next meets June 17-18.

Gold for August delivery traded at $1,260.90 an ounce on the Comex in New York from $1,260.10 yesterday.

Source : Bloomberg

Gold Holds Near Two-Week High

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Gold held near the highest level in almost two weeks as prices that declined to a four-month low spurred physical purchases. Platinum and palladium holdings in exchange-traded products expanded to records.

Gold for immediate delivery traded at $1,261.29 an ounce by 9:37 a.m. in Singapore from $1,259.90 yesterday when it reached $1,263.66, the highest level since May 28, according to Bloomberg generic pricing. Bullion fell to $1,240.73 on June 3, the lowest since Jan. 31, as U.S. economic data that beat estimates sent the Standard & Poor��s 500 Index to a record.

In China, the world��s largest bullion consumer, volumes for the benchmark spot contract in Shanghai rose for a second day yesterday to a two-week high of 12,914 kilograms, climbing from a two-month low of 8,568 kilograms on June 6. Data this week may show U.S. retail sales rose in May. U.S. employment exceeded its pre-recession peak, according to a June 7 report.

Bullion sank 28 percent in 2013 to end a 12-year bull run on speculation the Federal Reserve will reduce bond purchases used to fuel growth as the economy improves. The central bank has made four cuts since January and next meets June 17-18.

Gold for August delivery traded at $1,261.30 an ounce on the Comex in New York from $1,260.10 yesterday.

Source : Bloomberg

WTI Trades Near Three-Month High on U.S. Supplies

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West Texas Intermediate traded near the highest price in three months amid speculation that crude inventories fell for a second week in the U.S., the world��s biggest oil consumer. Brent was steady in London.

Futures were little changed in New York after declining 0.1 percent yesterday. Crude stockpiles probably dropped by 2 million barrels last week, a Bloomberg News survey shows before a government report today. OPEC nations representing 94 percent of the group��s output said they were at ease with global supply and demand before a meeting in Vienna to decide on a collective production limit.

WTI for July delivery was at $104.38 a barrel in electronic trading on the New York Mercantile Exchange, up 3 cents, at 11:15 a.m. Sydney time. The contract settled at $104.41 on June 9, the highest close since March 3. The volume of all futures traded was about 59 percent below the 100-day average. Prices have gained 6.1 percent this year.

Brent for July settlement was 9 cents higher at $109.61 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $5.18 to WTI. The spread narrowed for a third day yesterday to close at $5.17.

U.S. crude stockpiles increased by 1.5 million barrels in the week ended June 6, the American Petroleum Institute reported yesterday, according to TradeTheNews.com, a newswire. Gasoline supplies shrank by 440,000 barrels, said the industry group in Washington.

Source : Bloomberg

Yen Holds Gains Before BOJ Meeting

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The yen held a gain versus the dollar from yesterday amid speculation the Bank of Japan will refrain from expanding stimulus at a policy meeting this week.

A gauge of expected price swings in the pair remained near a record low before BOJ Governor Haruhiko Kuroda speaks at a press conference following the central bank decision on June 13. The Australian dollar traded 0.1 percent from a three-week high before a private report on consumer confidence today. The kiwi currency held gains against most of its 16 major peers amid speculation the Reserve Bank of New Zealand will raise interest rates at a third straight meeting tomorrow.

Japan��s currency was little changed at 102.31 per dollar as of 8:02 a.m. in Tokyo from yesterday, when it gained 0.2 percent. It fetched 138.59 per euro from 138.66, after advancing 0.9 percent over the past three sessions. The 18-nation currency was unchanged at $1.3547, after dropping to $1.3503 on June 5, the lowest since Feb. 6.

The Australian dollar was little changed at 93.72 U.S. cents from yesterday, when it touched 93.84, the highest since May 15. New Zealand��s currency bought 85.27 U.S. cents after strengthening 0.4 percent yesterday to 85.26.

The BOJ has been buying about 7 trillion yen ($68.4 billion) of government bonds a month since April 2013 in stimulus that tends to weaken the yen. All 33 economists surveyed by Bloomberg News forecast the central bank will keep policy unchanged at the June 12-13 meeting.

Source : Bloomberg

Gold settles above $1,260 for first time in 2 weeks

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San Francisco �� Gold futures climbed on Tuesday to settle back above $1,260 an ounce for the first time in two weeks, finding support from some weakness in U.S. equities as traders awaited economic data later in the week.

Prices for platinum group metals, meanwhile, rallied as talks aimed at ending a prolonged South African mining strike reportedly failed, lifting palladium prices to their highest close in roughly 3 years.

Gold for August delivery rose $6.20, or 0.5%, to settle at $1,260.10 an ounce on the Comex division of the New York Mercantile Exchange, extending Monday��s modest gain. Prices, tracking the most-active contracts, closed at their highest level since May 27.

July silver rose 10 cents, or 0.5%, to end at $19.17 an ounce.

U.S. retail sales figures for May are due Thursday and the U.S. May producer-price index will be released Friday. See the economic calendar.

Last Thursday, gold futures saw their largest single session gain since May 14, jumping $9, or 0.7% after the European Central Bank cut interest rates and announced a clutch of other easing moves.

Source : MarketWatch