Gold Heads for Weekly Loss as SPDR Assets Extend Drop, Oil Slips

Gold headed for a weekly decline as investors assessed the timing of higher U.S. borrowing costs amid slumping energy prices, with assets in the SPDR Gold Trust posting the longest period of decline since May 2013.

Bullion for immediate delivery fell as much as 0.4 percent to $1,157.94 an ounce, and traded at $1,160.41 at 8:48 a.m. in Singapore, down 1.5 percent this week, according to Bloomberg generic pricing. Holdings in the SPDR, the largest exchange-traded product backed by the metal, shrank to a six-year low of 720.62 metric tons yesterday, contracting for an eighth day.

Gold is heading for the first consecutive annual loss since 2000 as oil prices at a four-year low eroded demand for an inflation hedge, and the Federal Reserve moves closer to the first rate increase since 2006. Global demand slid 2.5 percent in the third quarter from a year earlier to the lowest level since 2009, the World Gold Council said yesterday. The Bloomberg Dollar Spot Index traded near a five-year high before a U.S. retail sales report today forecast to show a small increase.

New York Fed President William C. Dudley said raising interest rates too early poses a bigger risk to the economy than acting too late. Fed policy makers ended a bond-buying program last month as the jobless rate fell to a six-year low.

Gold for December delivery lost 0.2 percent to $1,159.70 an ounce on the Comex in New York, on course for a fourth week of losses. Most-active prices are 3.7 percent lower this year after losing 28 percent in 2013.

Silver for immediate delivery slid 0.6 percent to $15.5645 an ounce, heading for a fifth weekly drop, The metal retreated 20 percent this year and dropped to $15.0681 on Nov. 7, the lowest price since February 2010.

Spot platinum traded at $1,193.63 an ounce from $1,196.50 yesterday, set for a fifth week of declines. Palladium was little changed at $766.95 an ounce, poised for a second weekly decrease.

Source : Bloomberg

WTI Menuju Penurunan Terlama Sejak 1986 Ditengah Lonjakan Pasokan

Minyak mentah WTI (West Texas Intermediate) menuju penurunan mingguan terlama dalam hampir 3 dekade terakhir ditengah spekulasi bahwa OPEC akan menahan diri dari pengurangan produksi guna meredam kekhawatiran bahwa pasokan melebihi dari permintaan.

Kontrak berjangka stagnan di New York, menuju penurunan mingguan ke-7, penurunan terlama secara berturut-turut sejak Maret 1986 lalu. Penurunan harga mencerminkan munculnya kesepakatan bahwa OPEC (Organization of Petroleum Exporting Countries) akan mempertahankan output, hal itu menurut Goldman Sachs Group Inc. Pasokan minyak di Cushing, Oklahoma, titik pengiriman untuk WTI, naik ke level tertingginya sejak Mei lalu, menurut rilis data dari pemerintah.

Minyak telah menghadapi situasi pasar yang bearish setelah anggota-anggota pemimpin OPEC menentang pengajuan untuk memangkas produksi dan menurunkan beberapa harga ekspor saat output minyak AS telah naik ke level tertingginya dalam lebih dari 3 dekade terakhir. Venezuela, Libya dan Ecuador telah meminta sebuah tindakan guna mencegah minyak mentah dari penurunan berlanjut. OPEC dijadwalkan akan mengadakan pertemuan pada 27 November mendatang di Vienna.

WTI untuk pengiriman Desember berada pada level $74.34 per barel pada perdagangan elektronik di New York Mercantile Exchange, naik 13 sen pukul 10:46 pagi waktu Sydney. Kemarin kontrak tersebut turun $2.97 ke level $74.21, level penutupan terendah sejak September 2010 silam. Volume semua kontrak berjangka diperdagangkan sebesar 47% diatas 100 hari rata-rata. Pekan ini harga telah menurun 5.5% dan telah merosot sebesar 25% sepanjang tahun 2014 ini.

Brent untuk penyelesaian Desember berakhir kemarin setelah sempat turun $2.46 atau 3.1% ke level $77.92 per barel di Bursa ICE Futures Europe, London. Kontrak yang telah aktif Januari lalu turun $3.63 ke level $77.49. Acuan minyak mentah Eropa tersebut mengakhiri sesi lebih tinggi sebesar $3.71 dibanding WTI. (bgs)

Sumber : Bloomberg

WTI Heads for Longest Losing Streak Since 1986 Amid Supply Glut

West Texas Intermediate headed for the longest run of weekly declines in almost three decades amid speculation OPEC will refrain from reducing production to ease concern that supply is outpacing demand.

Futures were little changed in New York, heading for a seventh weekly drop, the longest losing streak since March 1986. Slumping prices reflect a growing consensus that the Organization of Petroleum Exporting Countries will maintain output, according to Goldman Sachs Group Inc. Crude supplies at Cushing, Oklahoma, the delivery point for WTI, expanded to the highest level since May, a U.S. government report showed.

Oil has collapsed into a bear market as leading OPEC members resisted calls to cut production and instead reduced some export prices while U.S. output has climbed to the highest level in more than three decades. Venezuela, Libya and Ecuador have asked for action to prevent crude from falling further. The group is scheduled to meet Nov. 27 in Vienna.

WTI for December delivery was at $74.34 a barrel in electronic trading on the New York Mercantile Exchange, up 13 cents at 10:46 a.m. Sydney time. The contract slid $2.97 to $74.21 yesterday, the lowest close since September 2010. The volume of all futures traded was about 47 percent above the 100-day average. Prices are 5.5 percent lower this week and have decreased about 25 percent this year.

Brent for December settlement expired yesterday after falling $2.46, or 3.1 percent, to $77.92 a barrel on the London-based ICE Futures Europe exchange. The more active January contract dropped $3.63 to $77.49. The European benchmark crude ended the session at a premium of $3.71 to WTI.

Source : Bloomberg

Dolar Jatuh Terkait Spekulasi The Fed Akan Jaga Suku Bunga Akibat Harga Minyak

Dolar melemah terhadap euro terkait spekulasi penurunan harga minyak mentah akan mengurangi tekanan inflasi di AS, memberikan waktu bagi Federal Reserve untuk menunda kenaikan tingkat suku bunga.
Minyak mentah turun ke level terendahnya dalam empat tahun terakhir jelang rilis laporan penjualan ritel AS besok yang diperkirakan akan menunjukkan peningkatan kecil. Presiden Fed Bank of New York William C. Dudley mengatakan menaikkan suku bunga terlalu dini menimbulkan risiko yang lebih besar terhadap perekonomian daripada bertindak terlambat. Pound jatuh ke level terendahnya dalam lebih dari satu tahun terakhir seiring perlambatan kinerja sektor properti makin mendalam. Rubel menurun karena Uni Eropa menimbang sanksi tambahan terhadap Rusia.
Dolar terdepresiasi sebesar 0,4 persen ke level $1,2486 per euro pukul 3:27 sore waktu New York. Mata uang AS naik sebesar 0,2 persen ke level 115,74 yen. Euro menguat sebesar 0,6 persen ke level 144,50 yen.
Minyak mentah berjangka turun 3 persen ke level $74,80 per barel di New York, mencapai level terendah sejak September 2010 lalu. (izr)
Sumber: Bloomberg

Dollar Falls on Bets Oil Slide Gives Fed Room to Keep Rates Low

The dollar weakened versus the euro on speculation falling crude oil prices will ease inflationary pressure in the U.S., giving the Federal Reserve time to wait before raising interest rates.

Crude oil declined to a four-year low before a U.S. retail sales report tomorrow forecast to show a small increase. Fed Bank of New York President William C. Dudley said raising interest rates too early poses a bigger risk to the economy than acting too late. The pound fell to the lowest in more than a year as a property slowdown deepened. The ruble declined as the European Union weighed adding sanctions against Russia.

The dollar depreciated 0.4 percent to $1.2486 per euro at 3:27 p.m. New York time. The U.S. currency climbed 0.2 percent to 115.74 yen. The euro strengthened 0.6 percent to 144.50 yen.

Crude-oil futures declined 3 percent to $74.80 a barrel in New York, reaching the lowest level since September 2010.

Source : Bloomberg