Gold slips as Greek crisis knocks euro

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Gold prices fell on Tuesday as the prospect that Greece would default on a repayment to the International Monetary Fund knocked the euro against the dollar, and as investors remained wary over the metal's longer-term prospects.

The chairman of the Eurogroup said it was too late to extend Greece's existing bailout and that the country's stance toward its creditors and euro zone partners would have to change before a new program could be agreed.

Spot gold fell 1.2 percent to the lowest since June 5 at $1,166.35 an ounce, but was down 0.7 percent at $1,171.05 at 2:58 p.m. EDT. It was on track to close the second quarter down 1 percent, its fourth straight quarterly fall.

U.S. gold futures for August delivery settled down $7.20 an ounce at $1,171.80.

Source : Reuters

Oil Pares Monthly Drop as Traders Weigh Greek Bailout Deadline

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Oil pared its first monthly decline since March in New York after an official said the European Union contacted Greece to detail how a last-minute bailout accord could still be reached.

West Texas Intermediate futures rose 0.7 percent, trimming their loss in June to 2.6 percent. European Commission President Jean-Claude Juncker contacted Greek Prime Minister Alexis Tsipras Monday with the proposal, according to an EU official who asked not to be identified because the talks were private. U.S. and European diplomats meeting in Vienna said a comprehensive nuclear agreement with Iran can be reached within days, extending talks beyond a Tuesday deadline.

West Texas Intermediate for August delivery advanced 43 cents to $58.76 a barrel in electronic trading on the New York Mercantile Exchange at 11:24 a.m. London time. The contract declined $1.30 to $58.33 on Monday. Total volume was about 43 percent below the 100-day average for the time of day.

The U.S. benchmark crude has advanced 23 percent since the end of March, poised for the first quarterly gain in a year, and is up 10 percent in 2015.

Source: Bloomberg

Asian Stocks Advance After Steepest Monthly Drop Since September

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Asian stocks rose, after the regional benchmark gauge posted its biggest monthly drop since September, as energy and materials shares led gains.

The MSCI Asia Pacific Index climbed 0.1 percent to 146.38 as of 9:01 a.m. in Tokyo. The measure slid 3.4 percent in June, leaving it little changed for the quarter, as Chinese equities in Hong Kong slumped. The city’s stock market is closed Wednesday for a holiday.

An official report on China’s manufacturing industry for June will show the quickest expansion since October, while a private factory gauge will signal a fourth month of contraction, according to economists surveyed by Bloomberg before data Wednesday. Greece missed a deadline for repaying $1.7 billion to the IMF after bailout talks with its creditors imploded, with investors now awaiting a July 5 vote by its people on whether they support austerity measures.

Source: Bloomberg

U.S. Stocks Rebound as Europe Shares, Euro Fall Amid Greece Saga

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U.S. stocks rebounded from the biggest drop in a year as Greece made last ditch attempts to secure financing before bailout funding ends. European equities fell with the euro amid the 11th-hour wrangling, while Treasuries capped the first quarterly retreat since 2013.

The Standard & Poor’s 500 Index rose 0.3 percent at 4 p.m. in New York. It trimmed the advance in the final minutes of trading to erase a gains for the quarter and is off to its worst start to a year since 2010. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1146, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury rose three basis points after tumbling 15 basis points Monday.

Greece has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires. The government asked for a two-year bailout program from the European Stability Mechanism, sought an extension from the IMF and asked the European Central Bank to extend emerging financing. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum.

Source : Bloomberg

U.S. Stocks Erase Gain as Europe Shares, Euro Retreat on Greece

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U.S. stocks pared gains, while European equities fell with the euro amid 11th-hour wrangling before bailout funding for Greece ends. Treasuries rose, trimming the first quarterly retreat since 2013.

The Standard & Poor’s 500 Index fell less than 0.1 percent at 12:29 p.m. in New York, erasing a 0.8 percent gain. The gauge tumbl the most in a year Monday, leaving it lower for the past three months after nine straight quarterly gains. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1142, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury notes was little changed after tumbling 15 basis points Monday.

The Greek government asked for a two-year bailout program from the European Stability Mechanism, though the proposal didn’t include any of the economic-reform measures negotiators had sought for months. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum. The nation has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires.

Source : Bloomberg

Gold ETP Holdings Increase Most in Four Months Amid Haven Demand

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Investors bought gold through exchange-traded products at the fastest pace in more than four months as Greece’s financial woes revived demand for the metal as a haven.

Global assets in the ETPs rose by 6.3 metric tons last week, the biggest addition since Feb. 6, data compiled by Bloomberg show. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an statement.

Gold futures for August delivery gained 0.5 percent to settle at $1,179 an ounce at 1:39 p.m. on the Comex in New York after rising 0.1 percent on Friday. Today’s advance marked the first consecutive gain since June 10.

The metal headed for the fourth straight quarterly loss, which would be the longest slump since 1997. Signs that the Federal Reserve is on track to raise U.S. interest rates for the first time since 2006 have cut the appeal of gold, which only offers returns through prices gains and doesn’t pay interest, unlike competing assets.

Silver futures for September delivery fell 0.5 percent to $15.695 an ounce. Prices are down 5.4 percent this quarter.

Palladium futures for September delivery slumped 1.8 percent to $666.45 an ounce on the New York Mercantile Exchange. The price touched $665.20, the lowest for a most-active contract since July 1, 2013.

The spot gold-palladium ratio jumped as much as 2.3 percent to 1.7687, the highest since March 20, 2014, according to Bloomberg generic pricing.

Platinum futures for October delivery climbed 0.1 percent to $1,082.30 an ounce on the Nymex. The price has dropped 11 percent this year, while palladium has slumped 17 percent.

Source : Bloomberg

Emas Menguat Terkait Permintaan Aset Haven Ditengah Krisis Yunani

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Emas naik diikuti perak seiring Yunani menutup bank-bank serta pasar modalnya, sehingga mendorong permintaan untuk aset haven di tengah kekhawatiran bahwa keanggotaan euro negara dalam bahaya.

Emas berjangka untuk pengiriman Agustus naik 0,4% menjadi $ 1,177.60 per ons pada 08:01 pagi di New York. Kenaikan yang terbatas karena penguatan dolar menguat ke level empat pekan tertingginya terhadap euro.

Emas untuk pengiriman segera naik 0,2% menjadi $ 1,177.26, menurut harga Bloomberg. Harga logam ini dalam euro mencapai tertinggi dalam hampir empat pekan.(yds)

Sumber: Bloomberg

Bursa Jepang Naik Akibat Investor Mengkaji Kemungkinan Keluarnya Yunani dari Euro

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Bursa saham Jepang menguat karena investor menilai kejatuhan setelah ekuitas global mengalami penurunan tajam dalam dua tahun terakhir akibat kekhawatiran bahwa Yunani akan keluar dari zona mata uang euro.

Indeks Topix naik 0,2% ke level 1,627.54, setelah pada Senin kemarin turun 2,5%. Indeks tersebut masih berada di jalur untuk keuntungan kuartalan 5.x persen. Indeks Nikkei 225 Stock Average naik 0,3% menjadi 20,176.99. Indeks MSCI All Country World untuk saham berkembang global dan emerging-market anjlok 2,2% pada hari Senin, penurunan terburuk sejak bulan Juni 2013. Investor mengesampingkan saham-saham setelah Yunani menyerukan referendum terhadap proposal bailout, memicu mengakhiri negosiasi dengan kreditur dan shutdown sistem keuangan nasional.

Perdana Menteri Yunani Alexis Tsipras tiba-tiba menyerukan pemungutan suara pada tanggal 5 Juli mendatang di mana warga Yunani akan mengekspresikan pendapat mereka terhadap penghematan yang diminta oleh para kreditor. Paket bailout saat ini berakhir pada hari Selasa, dengan pembayaran utang kepada Dana Moneter Internasional sebesar $ 1.7 miliar.(frk)

Sumber: Bloomberg

S&P 500 Wipes Out Gain for Year as Greece Spurs Global Selloff

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The Standard & Poor’s 500 Index retreated the most since April 2014, wiping out a gain for the year, as global equities sold off amid concern over fallout from the Greek financial crisis.

The S&P 500 Index sank 2.1 percent to 2,057.71 at 4 p.m. in New York, falling toward its average price for the past 200 days. The Dow lost 348.66 points, or 1.9 percent, to 17,598.02 and erased its gain for the year. The Nasdaq Composite Index fell 2.4 percent, the most since April 2014. The Chicago Board Options Exchange Volatility Index surged 37 percent, poised for its biggest increase since April 2013.

Greece closed its banks and imposed capital controls, a measure that will deepen the country’s recession and risk driving it toward an exit from the euro. Talks over bailout aid with international creditors collapsed late Friday, as Prime Minister Alexis Tsipras unexpectedly called a July 5 referendum on the austerity demanded by creditors. The European Central Bank froze the level of emergency aid available to Greek lenders Sunday.

Source : Bloomberg

Wallstreet Ambruk Akibat Sentimen Yunani

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Saham AS kembali memperpanjang penurunannya dalam perdagangan berat hari Senin, ditambah aksi sell off saham global pasca tidak tercapainya kesepakatan pembicaraan bailout Yunani meningkatkan kecemasan Yunani dapat menjadi Negara pertama yang keluar dari zona euro.

Ketiga indeks utama turun lebih dari 1 persen pada hari yang sama untuk pertama kalinya dalam lebih dari sebulan terakhir karena investor mengurangi kepemilikan aset berisiko seperti ekuitas dan komoditas.

Volatilitas meningkat tajam seiring sembilan dari 10 sektor indeks utama S&P 500 merosot tajam. Satu-satunya sub sektor yang mengalami kenaikan adalah utilitas, dianggap bermain defensif.

Di Eropa, indeks blue-chip Euro STOXX 50 merosot tajam sejak 2011 lalu.

Bank Sentral Eropa (BOE) membekukan dana untuk bank-bank Yunani, Athena memaksa untuk menutup bank selama seminggu untuk menjaga mereka dari kejatuhan.

Yunani menghadapi default jika tidak membayar senilai 1.6 miliar euros ($1,8 milyar) kepada Dana Moneter Internasional (IMF) pada Selasa.

Sementara ekonomi kecil Yunani, dan perusahaan-perusahaan AS telah paparan terbatas di Yunani, investor khawatir tentang dampak di seluruh Eropa jika negara keluar dari zona euro.

Dalam data AS, indeks penjualan rumah tertunda, yang dikeluarkan oleh National Association of Realtors, naik ke level tertinggi sembilan tahun terakhir.

Investor telah fokus pada data ekonomi untuk melihat apakah ekonomi AS telah pulih dari perlambatan awal tahun. The Fed mengatakan akan menaikkan suku ketika melihat rebound berkelanjutan dalam perekonomian.

Kenaikan suku bunga pada bulan September kenaikan "sangat mungkin dilakukan" jika ekonomi AS terus menguat, meskipun Federal Reserve juga bisa menunggu sampai Desember mendatang untuk memulai kebijakan pengetatan, Presiden the Fed New York William Dudley mengatakan kepada Financial Times dalam sebuah wawancara.

Pada 12:06 waktu New York, indeks Dow Jones turun 198,65 poin, atau 1,11 persen, ke level 17,748.03, indeks S&P 500 anjlok 23,56 poin, atau sebesar 1,12 persen, ke level 2,077.93 dan indeks Nasdaq Composite merosot 66,14 poin, atau sebesar 1,3 persen, ke level 5,014.37. (izr)

Sumber: Reuters

Gold Futures Market Fifth Straight Session Decline

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Gold futures settled lower for a fifth session in a row on Thursday, as traders tracked discussions about a debt deal for Greece that appeared to be increasingly unlikely to materialize ahead of a deadline at the end of the month.

Gold for August delivery on Comex  fell $1.10, or 0.1%, to settle at $1,171.80 an ounce. Tracking the most-active contracts, that was the fifth straight session of losses and prices stand at their lowest settlement since June 5.

September silver  declined by 4.9 cents, or 0.3%, at $15.841 an ounce.

Greek Prime Minister Alexis Tsipras on Thursday met with heads of the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece’s bailout, to agree on a reform plan to present to the Eurogroup. The International Monetary Fund said Greece would be immediately be in arrears if it fails to make a $1.7 billion debt repayment due June 30.

The dollar  Thursday, however, was little changed against its major rivals following better-than-expected economic reports. Fresh readings on U.S.weekly jobless claims and consumer spending roughly matched the expectations of economists polled by MarketWatch.

In other metals trade, October platinum tacked on $9.20, or 0.9%, to $1,083.70 an ounce, while September palladium slumped by $16.35, or 2.4%, to $679.35 an ounce.

Source : MarketWatch

USD/JPY sidelined near 123.60

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The greenback is markedly lower vs. its Japanese counterpart on Thursday, with USD/JPY now consolidating around 123.60.

The pair has broken down the key support at 124.00 and is now meandering the 123.60 area, amidst a confusing scenario in Greece in light of the Eurogroup meeting.

Next of relevance in the pair will be US Initial Claims, Markit’s Services PMI, PCE and Personal Income/Spending. On the Japanese side, critical inflation figures gauged by the CPI are due on early Friday followed by the jobless rate and Overall Household Spending.

Source : Fx Street

U.S. Stocks Fall as Energy Retreat Overshadows Hospitals Rally

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U.S. stocks fell, with the Standard & Poor’s 500 Index below its average price for the past 50 days, as a drop in energy shares overshadowed a rally in health-care while investors watched for a breakthrough in Greek debt talks.

The S&P 500 Index slipped 0.3 percent to 2,102.43 at 4 p.m. in New York, falling for a second day.

The S&P 500 is headed for a ninth week without a move of more than 1 percent, the longest streak since August 1993, churning in a tight range as investors await a resolution to the Greek crisis while assessing data for clues on the timing of any Federal Reserve interest-rate increase.

French President Francois Hollande held out the prospect of a deal for Greece even as German Chancellor Angela Merkel said negotiations looked to be going backward.

The contrast in tone from the heads of Europe’s two biggest economies reflected the frustration among leaders and finance ministers after days of talks in Brussels failed to yield a breakthrough. Finance chiefs will reconvene on Saturday for their fifth session on Greece in just over a week.

Source: Bloomberg

U.S. Stocks Fluctuate Amid Hospital Shares Rally, Greek Talks

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U.S. stocks fluctuated, after the biggest drop in three weeks, as health-care shares rallied on a U.S. Supreme Court decision while investors watched for a breakthrough in Greek debt talks.

HCA Holdings Inc., Tenet Healthcare Corp. and Universal Health Services Inc. jumped at least 7.5 percent after the Supreme Court upheld the nationwide tax subsidies that are a core component of President Barack Obama’s health-care law. Eli Lilly & Co. rose 4.2 percent after a favorable patent ruling. Netflix Inc. lost 2.7 percent, and energy shares slipped with oil.

The Standard & Poor’s 500 Index added 0.1 percent to 2,111.54 at 12:16 p.m. in New York. The gauge fell 0.7 percent Wednesday. The Dow Jones Industrial Average rose 14.61 points, or 0.1 percent, to 17,980.68. The Nasdaq Composite Index climbed 0.2 percent.

The S&P 500 is headed for a ninth week without a move of more than 1 percent, the longest streak since August 1993, as investors await a resolution to the Greek crisis while assessing data for clues on the timing of any Federal Reserve interest-rate increase.

Source: Bloomberg

Europe Stocks Drop Second Day as Greek Groundhog Day Continues

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European stocks extended a selloff as the region’s leaders differed on how Greek talks were progressing.

The Stoxx Europe 600 Index lost 0.2 percent to 396.39 at the close of trading. French President Francois Hollande held out hope of a deal for Greece, while his German counterpart said negotiations looked to be going backward. The Greek ASE Index added 0.1 percent, after swinging between gains and losses at least 11 times.

Stocks rose as much as 0.5 percent earlier, reversing a drop of 0.8 percent, after creditor institutions unanimously agreed on a set of proposals for finance ministers to review. They pared gains as Greece disagreed. Euro-area finance ministers are now weighing competing proposals to resolve the standoff, with Greece facing both an expiry of its current bailout package and a loan repayment deadline on June 30.

News flow from the negotiations has whipsawed stocks in recent days. While the Euro Stoxx 50 Index posted its best four-day gain since 2012 earlier this week on speculation Greece was close to an agreement, it fell yesterday as the optimism faded. The gauge fluctuated before closing almost unchanged Thursday.

Among shares active on corporate news, Hennes & Mauritz AB fell 3.2 percent after its quarterly gross margin and profit missed analysts’ estimates. Vallourec SA tumbled 5.8 percent after Credit Suisse Group AG downgraded the steelmaker to underperform, similar to sell.

Tesco Plc rose 0.9 percent as people familiar with the matter said it has received bids for its South Korean unit from private-equity firms including Carlyle Group LP and KKR & Co. Altice SA rallied 6 percent after a report said Bouygues SA remains open to a new offer from the company’s Numericable-SFR unit.

Petrofac Ltd. climbed 4.2 percent after Nomura Holdings Inc. recommended buying the shares, citing potential for shareholder returns. The company is heading for its best week since 2010 after saying profit may be heavily weighted toward the second half of the year.

Source : Bloomberg

Minyak Tahan Penurunan Pasca Produksi AS Mendekati Tertinggi 30 Tahun

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Minyak turun mendekati level $ 60 per barel setelah produksi minyak mentah AS naik ke level tertinggi dalam hampir tiga dekade.

Minyak berjangka sedikit berubah di New York setelah turun 1,2% pada hari Rabu. Sementara stok minyak mentah nasional turun untuk pekan kedelapan, produksi diperluas menjadi 9,6 juta barel per hari hingga 19 Juni, data pemerintah AS menunjukkan. Mendekati level tertinggi sejak Januari 1983 silam.

Minyak West Texas Intermediate (WTI) untuk pengiriman Agustus di $ 60,18 per barel dalam perdagangan elektronik di New York Mercantile Exchange, turun 9 sen menjadi 9:12 pagi waktu Sydney. Kontrak turun 74 sen menjadi $ 60,27 pada hari Rabu. Volume semua kontrak berjangka yang diperdagangkan adalah sekitar 93% di bawah rata-rata 100 hari. Harga telah meningkat 13% tahun ini.

Minyak jenis Brent untuk pengiriman Agustus turun 96 sen, atau 1,5%, ke level $ 63,49 per barel di ICE Futures Europe exchange London, pada Rabu. Acuan minyak mentah Eropa mengakhiri sesi lebih tinggi  sebesar $ 3,22 dibanding WTI.(yds)

Sumber: Bloomberg

Gold Caps Longest Slump in a Month on U.S. Economic Optimism

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Gold futures capped the longest slump in four weeks after a report showed the U.S. economy in the first quarter contracted less than estimated, supported by a bigger gain in consumer spending.

Gross domestic product fell at a 0.2 percent annualized rate, revised from a 0.7 percent drop, government data showed Wednesday. Household consumption grew at a 2.1 percent rate, up from the estimate of 1.8 percent. After the report, gold dropped as much as 0.7 percent to $1,168.10 an ounce, a two-week low.

The metal has slumped this week as the odds increased that the Federal Reserve will boost its benchmark interest rate following gains in the U.S economy. On Tuesday, government data showed purchases of new homes jumped the most in seven years, while a gold put giving owners the right to sell July futures at $1,175 surged 52 percent.

Gold futures for August delivery dropped 0.3 percent to $1,172.90 at 1:43 p.m. on the Comex in New York, a fourth straight decline and the longest slump since May 27.

Source: Bloomberg

Asian Stocks Track Global Retreat as Progress Stalls on Greece

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Asian stocks fell, following global equities lower, as Greece and its creditors broke off talks for the night in Europe without reaching a deal.

The MSCI Asia Pacific Index lost 0.1 percent to 149.58 as of 9:04 a.m. in Tokyo. Shares retreated in the U.S. and Europe on Wednesday as disagreement ensued over the terms of Greece’s bailout. Prime Minister Alexis Tsipras and his country’s creditors agreed to meet again first thing Thursday as each side pushes for an agreement. Futures on Chinese shares jumped after the government announced plans to scrap a bank-lending limit as it seeks to stoke growth.

Technical teams will convene at 6 a.m. in Brussels, followed at 9 a.m. by the resumption of negotiations between Tsipras, International Monetary Fund chief Christine Lagarde, European Central Bank President Mario Draghi and European Commission President Jean-Claude Juncker.

E-mini futures on the Standard & Poor’s 500 Index rose 0.1 percent. The underlying measure dropped 0.7 percent on Wednesday. The Stoxx Europe 600 Index lost 0.4 percent.

FTSE China A50 Index contracts added 0.8 percent in most recent trading. China intends to remove a limit capping commercial banks’ loans at 75 percent of deposits, according to a draft law amendment posted online after markets closed Wednesday. The proposal, which needs to be approved by the legislature, boosts banks’ flexibility to manage lending.

Source: Bloomberg

Japanese Stocks Halt Four-Day Rally With Greek Talks Deadlocked

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Japanese stocks fell, with the Nikkei 225 Stock Average halting four days of gains that pushed it to an 18-year high, as talks between Greece and its creditors remained deadlocked.

The Topix index lost 0.5 percent to 1,671.78 as of 9:01 a.m. in Tokyo as all but two of its 33 industry groups declined. The Nikkei 225 slipped 0.3 percent to 20,796.82, after closing Wednesday at its highest level since December 1996.

The downbeat tone from Berlin reinforced the brinkmanship at play, with finance ministers set to convene again Thursday. Greece faces a June 30 deadline to repay about 1.5 billion euros ($1.7 billion) to the International Monetary Fund.

E-mini futures on the Standard & Poor’s 500 Index added 0.1 percent. The underlying gauge fell 0.7 percent in New York on Wednesday amid the Greek talks and as revised data showed a bigger gain in consumer spending helped the world’s largest economy contract less than previously estimated. Gross domestic product fell at a 0.2 percent annualized rate in the first quarter, compared with a previously reported 0.7 percent drop.

Source: Bloomberg

U.S Shares Fall With European Equities, Bonds Gain on Greek Talks

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U.S. shares fell with European equities, while Treasuries rose with German bunds in a reversal of recent trades as Greece remained deadlocked with its creditors over terms of a bailout. Oil and gold slid.

The Standard & Poor’s 500 Index lost 0.7 percent at 4 p.m. in New York, halting a two days of gains. The Stoxx Europe 600 Index slid 0.4 percent after its best four-day rally since January. The euro rose 0.3 percent to $1.1199 after its biggest drop in three months. The yield on 10-year Treasuries fell four basis points to 2.37 percent, while German bunds lost three basis points to 0.84 percent. Oil dropped 1.2 percent.

Euro-area finance ministers adjourned a meeting on Greece without a deal, planning to resume discussions Thursday. Germany downplayed the chances of an imminent deal with Greece after the Mediterranean nation rejected the latest terms set by creditors to unlock bailout aid. The signs of fresh cracks between the sides damped optimism from earlier in the week that had sent stocks higher around the world.

The downbeat tone from Berlin reinforced the brinkmanship at play as Greek Prime Minister Alexis Tsipras met in Brussels Wednesday with the heads of the three creditor institutions. The country faces a June 30 deadline to repay about 1.5 billion euros ($1.7 billion) to the International Monetary Fund.

Source : Bloomberg

Dollar Rises, Treasuries Slip on Policy Bets; U.S. Shares Mixed

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Treasuries fell and the dollar rallied versus the euro on speculation U.S. interest rates will rise while European stimulus continues. Stocks in the euro region jumped, while American shares fluctuated near records amid optimism over a Greek debt deal.

The dollar surged 1.5 percent versus the euro at 3:33 p.m. in New York, as the common currency weakened a third day. The yield on 10-year Treasury notes topped 2.40 percent. The Standard & Poor’s 500 Index swung between gains and losses about half a percentage point below a record, while the Stoxx Europe 600 Index rallied 1.2 percent to cap the best two-day gain since January.

Greece’s Prime Minister has to muster support from his coalition for a plan that aims to stave off the country’s default amid signs of progress on debt talks. The dollar strengthened on speculation the European Central Bank will maintain its bond buying, while the Federal Reserve moves closer to tightening. America’s housing market is starting to heat up and provide some pep for an economy held back by lukewarm manufacturing.

The S&P 500 is coming off its best week since April, climbing 0.8 percent after Federal Reserve Chair Janet Yellen signaled the central bank will take a gradual approach to raising U.S. interest rates.

Source: Bloomberg

Gold Back Out of Favor With Fed in Focus as Greek Deal Nears

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Gold futures fell for the third straight session, falling out of favor with investors as attention shifts away from Greece and back to the outlook for higher U.S. interest rates.

Federal Reserve Governor Jerome Powell suggested Tuesday that rates may rise as soon as September as the economy gains traction. Gold last week posted the biggest advance in a month after Fed officials indicated that monetary tightening will happen at a slow pace, while Greece faced an impasse with its creditors.

The metal’s rally is proving to be short lived. Mounting speculation that Greece will soon reach a deal to avoid default is cutting demand for haven assets. At the same time, signs of improving U.S. economic growth are reigniting concern that the Fed will raise rates soon, boosting the dollar. Higher rates curb gold’s allure because the commodity doesn’t pay interest or give returns like other assets such as bonds and equities.

Gold futures for August delivery declined 0.6 percent to settle at $1,176.60 an ounce at 1:37 p.m. on the Comex in New York. The three-session slump was longest since June 5.

Source: Bloomberg

U.S. Stocks Gain as Investors Assess Rate Timing, Greece Talks

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U.S. stocks rose, with the Standard & Poor’s 500 Index near a record, as investors weighed economic data for clues on the timing of higher interest rates amid optimism that a deal on Greek aid is within reach.

The S&P 500 Index climbed 0.1 percent to 2,124.31 at 4 p.m. in New York, after earlier rising within three points of its record close. The Nasdaq Composite Index increased 0.1 percent to an all-time high for a second day.

The S&P 500 had its biggest weekly gain since April in the period ended Friday after the Federal Reserve signaled it won’t be raising rates quickly as officials hold out for more decisive evidence of an economic rebound. Three rounds of Fed bond purchases and near-zero interest rates helped the benchmark more than triple during the six-year bull market.

Fed Governor Jerome Powell said today the chances are about 50-50 that the U.S. economy will improve enough for the central bank to raise interest rates in September, as the job market strengthens and signs of wage growth emerge.

Source : Bloomberg

U.S. Stocks Little Changed as Investors Weigh Data, Greek Talks

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U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose near a record, as investors weighed economic data for clues on the timing of higher interest rates and watched for progress in Greece’s debt talks.

Semiconductors reversed Monday’s gains as Nvidia Corp. and Qorvo Inc. fell more than 2.8 percent. AT&T Inc. rose 2.9 percent after two analyst upgrades. Darden Restaurants Inc. gained as it plans to split off about 430 properties and transfer them to a real estate investment trust. Green Dot Corp. jumped 34 percent after authorizing a stock buyback plan and reaching a new, five-year deal with Wal-Mart Stores Inc.

The S&P 500 Index fell 0.1 percent to 2,120.94 at 12:34 p.m. in New York, after earlier rising within three points of its record close. The Dow Jones Industrial Average added 2.33 points, or less than 0.1 percent, to 18,122.11. The Nasdaq Composite Index slipped 0.2 percent from an all-time high Monday.

After talks on Monday, Greece now has 48 hours to bring a deal with its creditors to the finish line and end a five-month standoff over aid that risks default and possible exit from the euro. Greek Prime Minister Alexis Tsipras needs to shore up support at home for his plan, while euro-area finance ministers meet Wednesday to prepare the ground for a second, scheduled summit of European Union leaders Thursday.

Source: Bloomberg

Europe Stocks Rise for 4th Day on Optimism Over Greece, Economy

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European stocks posted their biggest four-day rally since January as the region leaders agreed Greece government was getting serious about reaching a deal.

The Stoxx Europe 600 Index rose 1.2 percent to 398.83 at the close of trading. A report showed euro-area factory and services expanded more than forecast in June, signaling a pickup in the region economy amid quantitative-easing measures by the European Central Bank.

European leaders agreed to step up talks and gave the country government 48 hours to make the final push to win aid. Shares jumped yesterday after Greece proposed a new set of reforms. The plans represent a step forward, German Chancellor Angela Merkel said last night. The ASE Index climbed 6.1 percent on Tuesday, completing its best four-day gain since February.

Among shares active on corporate news, Air France-KLM Group climbed 2.1 percent after the Dutch government said it could buy shares of the company if necessary to help combat competition from low-cost and Middle Eastern airlines. Ladbrokes Plc jumped 15 percent after the betting company confirmed it’s in merger talks with Gala Coral Group Ltd.

Petrofac Ltd. surged 6.2 percent after reporting backlog at record levels and saying profit will be heavily weighted toward the second half of the year. Berenberg Bank had said last week the company may issue a profit warning. Transocean Ltd. climbed 3.8 percent after saying the value of new contracts since its May report totaled about $109 million.

Source : Bloomberg

Dolar Bertahan Pasca Imbal Hasil Utang Jatuh Pada Krisis Yunani

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Dolar berada di posisi bertahan terhadap yen pada Senin ini, terbebani setelah imbal hasil utang AS merosot di tengah tanda-tanda kemajuan yang kurang dalam mencegah potensi default utang Yunani.

Dolar ditransaksikan pada level ¥122,77  setelah merosot 0,2% pada sesi sebelumnya. Imbal hasil AS dengan tenor 10-tahun yield turun sekitar 8 basis poin pada hari Jumat pada spekulasi safe haven yang dihasilkan oleh kekhawatiran utang Yunani.

Kinerja Euro terganggu selama beberapa bulan terakhir di tengah kekhawatiran default utang Yunani, t naik 0,2% menjadi $ 1,1372 seiring tawaran baru Tsipras yang memberikan secercah harapan.

Sementara itu dolar Australia terbantu oleh dolar AS dan berada stabil di level $ 0,7769 setelah merosot sekitar 0,4% di hari sebelumnya.

Dolar Selandia Baru terus melorot dan terakhir turun 0,2% pada $ 0,6900, mendekati level terendah dalam lima tahun di level $ 0,6880 pada pekan lalu. Kiwi tertekan pekan lalu terkait harapan penurunan suku bunga lebih oleh Reserve Bank of New Zealand.(yds)

Sumber: Reuters

Oil Falls for Second Day as Deadline for Iran Nuclear Deal Nears

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Oil declined for a second day before a deadline for a nuclear agreement between Iran and world powers that may allow the OPEC producer to increase crude exports.

Futures slid as much as 0.8 percent in London. Iranian lawmakers approved the outlines of a bill that would ban inspections of military sites and require the lifting of all international sanctions under any deal, state-run Mehr news agency reported. Diplomats from the Middle East nation, the U.S., U.K., France, Germany, Russia and China are converging on Vienna in an attempt to reach a final agreement by June 30.

Brent for August settlement fell as much as 51 cents to $62.51 a barrel on the London-based ICE Futures Europe exchange, and was at $62.64 at 9:50 a.m. Sydney time. The contract decreased 1.9 percent on Friday to close at $63.02. The European benchmark crude was at a premium of $3.02 to West Texas Intermediate, the U.S. marker, for the same month.

WTI for July delivery, which expires Monday, fell as much as 37 cents, or 0.6 percent, to $59.24 a barrel. The more-active August contract dropped 43 cents to $59.54. The volume of all futures traded was about 56 percent below the 100-day average. Front-month prices are up about 11 percent this year.

Source: Bloomberg

Asian Stocks Rise Before Emergency Summit on Greece Debt Crisis

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Asian stocks rose ahead of Monday’s European emergency summit on Greece’s debt crisis.

The MSCI Asia Pacific Index added 0.3 percent to 147.66 as of 9:06 a.m. in Tokyo after sliding 0.7 percent last week. E-mini futures on the Standard & Poor’s 500 Index jumped 0.4 percent ahead of the meeting, which is seen as a last-ditch attempt for Greece and its creditors to devise a bailout deal.

With the clock running down on a June 30 deadline to make payments and work out a new deal after months of fruitless negotiations, Greek Prime Minister Alexis Tsipras will have to convince the country’s creditors that he’s ready to compromise on election promises to avoid a default. In phone calls Sunday, he briefed German Chancellor Angela Merkel, French President Francois Hollande and European Union Commission President Jean-Claude Juncker on Greece’s proposal to unlock bailout funds, according to a separate statement from his office.

South Korea’s Kospi index gained 0.8 percent, while Japan’s Topix index climbed 0.5 percent. The Japanese gauge has fallen for three straight weeks.

Australia’s S&P/ASX 200 Index slipped 0.1 percent. New Zealand’s NZX 50 Index was little changed.

Markets in China are shut Monday for a holiday. The Shanghai Composite Index tumbled 13 percent last week, its worst weekly selloff since 2008, amid concern valuations have been pushed to unsustainable levels.

Source: Bloomberg

Japan Stocks Rise as Investors Await Emergency Summit on Greece

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Japanese stocks rose, led by energy explorers and banks, as investors await an emergency summit in Brussels that could decide Greece’s future in the euro zone.

The Topix added 0.2 percent to 1,633.57 as of 9:03 a.m. in Tokyo, with three shares rising for every two that fell. The Nikkei 225 Stock Average gained 0.2 percent to 20,205.13. U.S. futures rose after Greece at the weekend proposed “a definitive solution” to unlock bailout funds, according to a government statement.

Greek Prime Minister Alexis Tsipras is heading to Brussels for back-to-back meetings, culminating in an emergency summit Monday.

Source: Bloomberg

Dollar Slides as Inflation Backs Fed’s Lower-Rates Outlook

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The dollar headed for a second weekly decline after a report Thursday showed U.S. inflation is well below Federal Reserve targets, backing central bank plans for gradual interest-rate increases.

The U.S. currency weakened after the Fed cut its longer-term projections for U.S. borrowing costs Wednesday, dimming the allure of dollar-denominated assets. U.S. core inflation slowed in May and the overall consumer price index was unchanged for the past 12 months while the Fed seeks an annual increase approaching 2 percent.

Bloomberg’s Dollar Spot Index, which tracks the U.S. currency against 10 peers, dropped 0.9 percent this week to 1,164.58 this week as of 10:13 a.m. in Tokyo. The dollar has slid 1 percent to $1.1384 per euro and weakened 0.4 percent to 122.88 yen.

The U.S. currency is still the best performer during the past 12 months among currencies tracked by Bloomberg Correlation-Weighted Indexes, gaining 17 percent. In June, it’s fallen about 2 percent.

Source : Bloomberg

Oil Holds Gains Near $60 as U.S. Drilling Slowdown Cuts Supply

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Oil held gains near $60 a barrel on track for a second weekly advance amid increasing signs the slowdown in U.S. drilling is reducing an oversupply.

Futures were little changed in New York and 0.7 percent higher for the week. U.S. drillers have reduced the number of operating oil rigs for a record 27 weeks to the lowest level in almost five years, according to Baker Hughes Inc., and oil stockpiles have shrunk for seven consecutive weeks. Prices rose Thursday as the dollar weakened, making commodities more attractive to investors.

Oil is trading near six-month highs as shrinking U.S. stockpiles counter a boost in output from OPEC nations. Saudi Arabia, Iraq and the United Arab Emirates are pumping more crude as the 12-member group seeks to defend market share against higher-cost producers.

West Texas Intermediate for July delivery was at $60.37 a barrel in electronic trading on the New York Mercantile Exchange, down 8 cents at 10:09 a.m. Sydney time. The contract gained 53 cents to $60.45 on Thursday. Prices have increased about 13 percent this year.

Brent for August settlement fell 16 cents, or 0.3 percent, to $64.10 a barrel on the London-based ICE Futures Europe exchange. It gained 39 cents, or 0.6 percent, to $64.26 on Thursday. The European benchmark crude traded at a premium of $3.37 to WTI for the same month.

Source : Bloomberg

China Stocks Head for Worst Week Since 2008 Amid Margin Concern

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China’s stocks fell, sending the benchmark index toward its steepest weekly loss since 2008, amid concern the government will clamp down on margin trading and valuations are excessive after a world-beating rally over the past year.

The Shanghai Composite Index dropped 1.5 percent to 4,712.15 at 9:33 a.m., extending losses to 8.7 percent this week. The China Securities Regulatory Commission is working on margin-trading risk management rules for securities firms, the 21st Century Business Herald reported, without citing anyone.

Source : Bloomberg

Shanghai Stocks Head for Worst Week Since 2009 as Futures Drop

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China’s stock-index futures fell amid concern the government will clamp down on margin trading to avoid bubble risks and valuations have outstripped earnings growth.

Futures on the CSI 300 Index expiring in July, the most active contract, slid 1.1 percent to 4,925 as of 9:18 a.m. local time. The China Securities Regulatory Commission is working on margin-trading risk management rules for securities firms, the 21st Century Business Herald reported, without citing anyone.

The Shanghai Composite Index dropped 3.7 percent to 4,785.36 on Thursday, as initial public offerings drained cash from the market and investors speculated recent gains have gone too far. It has fallen 7.4 percent this week, heading for the biggest weekly loss since 2009.

Source : Bloomberg

Asian Stocks Advance as Investors Await Bank of Japan Decision

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Asian stocks rose for a second day, following gains in U.S. shares, as investors awaited a Bank of Japan policy decision. Energy shares led the advance.

The MSCI Asia Pacific Index climbed 0.3 percent to 146.91 as of 9:01 a.m. in Tokyo, paring this week’s slide to 0.8 percent. The Standard & Poor’s 500 Index jumped 1 percent on Thursday in New York and the Nasdaq Composite Index closed at a record high after the Federal Reserve signaled it will continue to support the economy even as growth picks up.

Japan’s Topix index added 0.9 percent. The BOJ ends a two-day policy meeting on Friday. More economists now see the BOJ expanding stimulus later, according to a Bloomberg survey June 8-15, after Governor Haruhiko Kuroda said the yen’s exchange rate adjusted for inflation and trade with other nations has returned to levels before the collapse of Lehman Brothers Holdings in 2008.

Source : Bloomberg

Dollar Declines as Fed Lowers Projections for Benchmark Rate

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The dollar declined to a one-week low after the Federal Reserve lowered its 2016 and 2017 projections for U.S. interest rates.

The U.S. currency slid even as the central bank policy makers raised their assessment of the economy and stayed on track to raise interest rates this year for the first time in almost a decade. The Fed’s median estimate for the end of 2016 fell to 1.625 percent, compared with 1.875 percent forecast in March for the so-called dots.

The Bloomberg Dollar Spot Index, which tracks the currency versus 10 major peers fell, 0.2 percent to 1,172.74 as of 2:27 p.m. in New York, reaching the strongest level since June 10.

The U.S. currency declined 0.3 percent to $1.1283 per euro. It gained 0.4 percent to 123.87 yen, after rising as much as 1.1 percent.

Officials kept the benchmark overnight fed funds rate in a zero to 0.25 percent range, where it has been since December 2008 to bolster the economy after the worst recession since the Great Depression.

Source: Bloomberg

Gold Trades Steady as Fed Raises Assessment of U.S. Economy

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Gold traded little changed after the Federal Reserve officials raised their assessment of the labor market and the economy.

The metal swung between year-to-date gains and losses more than 10 times in 2015, gyrating as traders tried to gauge the timing of U.S. interest-rate increases. Higher rates drive investors to favor assets that pay interest, including new bonds, curbing the appeal of gold, which generally offers returns only through price gains.

Gold for immediate delivery fell 0.1 percent to $1,181.37 an ounce at 2:04 p.m. in New York, according to Bloomberg generic pricing.

The central bank’s benchmark rate has been near zero percent, a record low, since 2008.

Source: Bloomberg

Japan Stocks Fall as BOJ Meets After Fed Signals Gradual Hikes

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Japanese stocks fell as investors await a Bank of Japan policy decision after the Federal Reserve signaled the pace of U.S. interest-rate increases will be slow even as it prepares to raise borrowing costs this year.

The Topix slipped 0.2 percent to 1,631.01 as of 9:01 a.m. in Tokyo. The Nikkei 225 Stock Average lost 0.2 percent to 20,180.46. The BOJ begins a two-day meeting Thursday in Tokyo, with all 35 economists surveyed by Bloomberg forecasting Governor Haruhiko Kuroda will keep policy on hold.

The Fed maintained its forecast for the benchmark rate to rise to 0.625 percent this year, while lowering its projection for 2016. Although officials bolstered their assessment of the labor market and economy, Chair Janet Yellen said they want to see more decisive evidence on growth, and that she anticipates only gradual increases in borrowing costs will be warranted.

Source : Bloomberg

U.S. Stocks Gain, Dollar Drops as Yellen Sees Gradual Rate Rise

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U.S. stocks rose, the dollar fell and Treasuries erased losses as the Federal Reserve signaled the pace of tighter monetary policy will be gradual even as the central bank prepares to lift interest rates this year.

The Standard & Poor’s 500 Index rose 0.2 percent at 4 p.m. in New York, erasing declines on the Fed’s statement. The Bloomberg Dollar Spot Index dropped 0.7 percent, reversing gains. The yield on 10-year Treasury notes was little changed at 2.32 percent after rising to 2.40 percent earlier. Gold jumped 0.5 percent, while oil fluctuated near $60 a barrel.

The Fed maintained its forecast that the benchmark interest rate would rise to 0.625 percent this year, and lowered its projection for next year. While officials lifted their assessment of the labor market and the economy, Chair Janet Yellen said policy makers want to see more decisive evidence on growth, and that she anticipates only gradual increases in borrowing costs will be warranted.

Officials held the benchmark overnight fed funds rate in a zero to 0.25 percent range, where it has been since December 2008, during the worst recession since the Great Depression. The decision was unanimous. The Fed also cut the top end of its projection for 2015 gross domestic product gains by 0.7 percentage point to 2 percent.

Source: Bloomberg

U.S. Stocks Fluctuate Before Fed While Treasuries Drop With Gold

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U.S. stocks fluctuated after erasing earlier gains, while Treasures slid with gold before the Federal Reserve’s decision on interest rates. European stocks fell amid signs the impasse in Greek aid talks was deepening.

The Standard & Poor’s 500 Index dropped 0.1 percent at 12:37 p.m. in New York, wiping out an earlier 0.4 percent advance. Treasuries fell, sending 10-year yields 6 basis points higher to 2.37 percent. The Stoxx Europe 600 Index lost 0.5 percent. Gold futures retreated 0.4 percent. Oil reversed gains after an inventory report.

Fed Chair Janet Yellen will conclude a two-day meeting of her board Wednesday amid speculation mixed U.S. economic data and Greece’s deadlocked debt negotiations will complicate the central bank’s drive to raise interest rates. Greece needs to seal a deal before the euro area’s bailout expires on June 30, or risk missing payments on its debt of about 313 billion euros ($352 billion).

The U.S. central bank meets as data continues to show uneven gains in the economy after a first-quarter slowdown. A report Tuesday indicated builders began work on fewer houses in May following a surge the prior month. That followed a disappointing factory report on Monday that pushed stocks lower.

Source: Bloomberg

Oil Holds Gains Near $60 as U.S. Crude Stockpiles Seen Shrinking

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Oil held gains near $60 a barrel on signs the U.S. supply glut is easing.

Futures were little changed in New York after rising 0.8 percent on Tuesday. Crude inventories shrank by 2.9 million barrels through June 12, the industry-funded American Petroleum Institute was said to have reported. Energy Information Administration data Wednesday is forecast to show supplies slid for a seventh week, according to a Bloomberg survey.

Oil has rebounded from a six-year low in March as drilling slowed in the U.S., bolstering speculation that the surplus will shrink. The Organization of Petroleum Exporting Countries maintained its production quota at 30 million barrels a day at a June 5 meeting as it seeks to defend market share.

West Texas Intermediate for July delivery was at $60.03 a barrel in electronic trading on the New York Mercantile Exchange, up 6 cents at 9:06 a.m. Sydney time. The contract gained 45 cents to $59.97 on Tuesday. The volume of all futures traded was about 84 percent below the 100-day average. Prices have increased almost 13 percent this year.

Brent for August settlement dropped 25 cents, or 0.4 percent, to $63.70 a barrel on the London-based ICE Futures Europe exchange on Tuesday. The European benchmark crude ended the session at a premium of $3.25 to WTI for the same month.

Source : Bloomberg

Gold dented by firm dollar ahead of Fed meeting, Greece in focus

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Gold slipped on Tuesday as the dollar firmed ahead of the U.S. Federal Reserve policy meeting, while a looming Greek crisis failed to trigger sustained demand for safe-haven assets.

Spot gold fell 0.7 percent to $1,178.06 an ounce by 1419 GMT, while U.S. gold futures for August delivery were down $8.20 an ounce at $1,177.60.

Bullion has not made much headway in recent months because of uncertainty over the timing of a rate rise, which would reduce demand for the non-interest-paying asset.

U.S. data on Tuesday showed a fall in housing starts in May, but a surge in permits for future construction to the highest level in nearly eight years suggests the pullback will be temporary.

European equities fell on the concerns about Greece, with Athens and its creditors hardening their stances after the latest breakdown in talks.

There were continued outflows for exchange-traded bullion funds, with assets at top fund SPDR Gold Trust falling 0.3 percent to 701.9 tonnes on Monday, the lowest since 2008.

In other metals, silver was down 1.1 percent at $15.90 an ounce, while palladium lost 0.1 percent to $734.25.

Platinum fell 0.9 percent to $1,076.75, within sight of a six-year low of $1,072.50 hit on Monday on a combination of weaker equities and lower gold prices, analysts said. ($1 = 0.8891 euros)

Source: Reuters

Asian Stocks Rise First Time in Three Days Before Fed Decision

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Asian stocks rose for the first time in three days, following U.S. shares higher, as investors awaited a Federal Reserve decision on U.S. monetary policy.

The MSCI Asia Pacific Index gained 0.2 percent to 146.63 as of 9:02 a.m. in Tokyo. The measure slipped 1.2 percent in the previous two days as European policy makers urged Greece to make the concessions needed to unlock bailout aid ahead of Thursday’s meeting of euro-area finance ministers.

The Fed concludes its two-day policy meeting Wednesday, amid speculation mixed U.S. economic data and the deadlock over Greece may complicate the central bank’s drive to increase interest rates. Greece’s prime minister accused the International Monetary Fund of “criminal” responsibility for the indebted nation’s situation.

Japan’s Topix index added 0.3 percent. South Korea’s Kospi index rose 0.2 percent. Australia’s S&P/ASX 200 Index gained 0.3 percent and New Zealand’s NZX 50 Index slid 0.1 percent.

Source : Bloomberg

Japanese Stocks Follow U.S. Shares Higher on Fed Rate Outlook

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Japanese stocks rose as investors speculated the Federal Reserve won’t rush to raise U.S. interest rates amid mounting uncertainty over Greece’s future in the euro.

The Topix added 0.3 percent to 1,644.98 as of 9:01 a.m. in Tokyo. The Nikkei 225 Stock Average gained 0.3 percent to 20,322.13.

The Federal Reserve concludes a two-day meeting Wednesday, with officials and Chair Janet Yellen expected to leave interest rates unchanged after the economy contracted in the first quarter amid harsh winter weather. Policy makers anticipate growth will rebound enough to potentially allow for a rate increase this year. The Bank of Japan also reviews borrowing costs this week.

Source : Bloomberg

U.S. Stocks Rise With Europe Shares, Treasuries Amid Greece, Fed

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U.S. stocks rose for the first time in three days and Treasuries advanced on speculation the Federal Reserve won’t rush to raise rates amid uncertainty over Greece’s future in the euro. European equities rebounded from a four-month low.

The Standard & Poor’s 500 Index climbed 0.6 percent at 4 p.m. in New York, rising above its average price for the past 100 days. The Stoxx Europe 600 Index gained 0.6 percent after reversing a 1.1 percent loss. The euro weakened 0.5 percent to $1.1232. The yield on 10-year Treasury notes fell four basis points to 2.31 percent, while German bund rates slipped to 0.80 percent. Gold settled 0.4 percent lower.

The Federal Reserve started a two-day policy meeting, with investors speculating interest rates will remain unchanged and fed fund futures assigning a reduced probability for an increase in September. While Greece ratcheted up rhetoric against its creditors, German Chancellor Angela Merkel struck a more conciliatory tone, saying she was counting on a June 18 meeting of euro-area finance ministers to end the standoff.

Source: Bloomberg

Gold Slips as U.S. Interest Rates, Greece Debt Impasse Assessed

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Gold prices slipped before two key meetings: a policy update from the U.S. Federal Reserve and a gathering of euro-area finance ministers to discuss Greece’s intensifying debt crisis.

The Fed meets in Washington on Tuesday and Wednesday to plot monetary strategy and update economic forecasts. Investors will scrutinize the central bank’s comments for any indications as to when it will raise borrowing costs for the first time since 2006.

While European finance ministers will meet in Luxembourg on June 18, Greece has no plans to present new proposals to unlock aid, Finance Minister Yanis Varoufakis told Bild newspaper. The country needs to seal an accord or get an extension before the euro area’s bailout expires on June 30, or risk missing payments on its debt of about 313 billion euros ($352 billion).

Bullion for immediate delivery slipped 0.3 percent to $1,182.87 an ounce at 11 a.m. in London, according to Bloomberg generic pricing. The precious metal swung between losses and gains earlier on Tuesday. Bullion for August delivery fell 0.3 percent to $1,182.20 on the Comex in New York, where futures trading volume was 28 percent below the 100-day average for the time of day.

Assets in gold-backed exchange-traded products retreated 2.8 metric tons to 1,584.9 tons as of Monday, declining for a second session to the lowest since March 2009.

Source : Bloomberg