Gold Has Longest Slump in Six Years, Platinum Falls on Dollar

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Gold headed for the longest slump in six years and platinum fell to a 67-month low as the dollar’s rally cut demand for precious metals as alternative assets.

The greenback climbed to the highest in almost 12 years against a basket of six currencies on speculation that the Federal Reserve is getting closer to raising interest rates, while the European Central Bank purchases debt. Spot gold touched a 14-week low.

Global holdings in exchange-traded funds backed by the metal have dropped for 10 straight days, the longest slump since November. Policy makers are better off tightening earlier and more gradually than later and quickly, Fed Bank of Dallas President Richard Fisher said  two days ago.

Gold for immediate delivery fell 0.9 percent to $1,151.07 an ounce at 1:44 p.m. New York time, according to Bloomberg generic pricing. The price headed for an eighth straight drop, the longest slump since March 2009. Earlier, the metal touched $1,147.72, the lowest since Dec. 1.

Holdings in gold ETPs fell 5.5 metric tons on Tuesday to 1,653 tons, the lowest since Jan. 26, according to data compiled by Bloomberg.

Gold futures for April delivery declined 0.8 percent to settle at $1,150.60 on the Comex in New York.

Spot platinum fell as much as 1.3 percent to $1,114.05 an ounce, the lowest since July 14, 2009.

Spot silver dropped 1.9 percent to $15.376 an ounce. The price headed for an eighth straight drop, the longest slump since April 2013. Earlier, the metal touched $15.2977, the lowest since Dec. 1.

Source : Bloomberg

Oil Drops for Second Day as Government Data Show Inventory Gain

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Crude oil fell for a second day after the Energy Information Administration reported U.S. inventories rose last week.

Crude supplies increased by 4.51 million barrels in the week ended March 6 to 448.9 million, the EIA, the Energy Department’s statistical arm, said. That’s the highest level since EIA weekly data started in 1982. Analysts surveyed by Bloomberg had expected an increase of 4.75 million.

Oil is failing to sustain a rebound this year amid speculation that a global supply glut that drove prices into a bear market in 2014 may worsen. U.S. crude production and inventories have surged to the highest levels in more than three decades, according to the EIA. The number of rigs drilling for oil fell for a 13th week to 922 as of March 6, according to services company Baker Hughes Inc.

WTI for April delivery fell 45 cents, or 0.9 percent, to $47.84 a barrel at 10:34 a.m. on the New York Mercantile Exchange.

Brent for April settlement gained 19 cents, or 0.3 percent, to $56.58 on the ICE Futures Europe exchange.

Stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, rose 2.32 million barrels to 51.5 million. Gasoline inventories fell 187,000 to 239.9 million, and distillates increased 2.53 million to 125.5 million.

WTI will trade at $52.15 a barrel this year versus a February projection of $55.02, the EIA said on Tuesday in its monthly Short-Term Energy Outlook. Production will climb to 9.35 million barrels a day in 2015, up 50,000 from last month’s estimate.

Source : Bloomberg

U.S. Stocks Decline as Consumer, Technology Companies Retreat

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U.S. stocks fell, after the biggest equities selloff in more than two months amid the surging dollar, as declines in consumer and technology companies offset banks’ rebound.

The Standard & Poor’s 500 Index declined 0.2 percent to 2,040.42 at 4 p.m. in New York. The gauge slipped below its average price for the past 100 days.

The dollar’s ascent to a 12-year high versus the euro sent American stocks tumbling yesterday, erasing gains for the year on concern earnings are in worse shape than investors recognized. The S&P 500 is down 0.8 percent in 2015, with the index trailing all but one of 24 developed markets.

Source: Bloomberg

European Stocks Rise Most in Six Weeks as Exporters Gain on Euro

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European stocks rose the most in more than six weeks as a weaker euro boosted exporters.

The Stoxx Europe 600 Index added 1.5 percent to 395.48 at the close of trading. Automakers led gains as the single currency traded near a 12-year low and headed for a record quarterly drop. France’s CAC 40 Index and Germany’s DAX Index posted the biggest advances of 18 western-European markets.

Euro-area central banks have bought German, Belgian, French, Italian and Spanish bonds this week, sending borrowing costs across Europe to record lows. The purchases are part of the European Central Bank’s asset-buying program, known as quantitative easing. ECB President Mario Draghi said today that they will push inflation in the euro area back toward its goal.

A weak euro makes European goods cheaper to buy oversees, boosting demand and generally translating into more sales.

The Stoxx 600 had fallen 1.2 percent through Tuesday from a seven-year closing high on March 6, as energy shares slid, and concern grew the Federal Reserve is nearing an interest-rate increase. The Fed next meets on March 17-18.

Source : Bloomberg

U.S. Stocks Fluctuate as Consumer Shares Offset Banks’ Rebound

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U.S. stocks fluctuated, after the biggest equities selloff in more than two months amid the surging dollar, as declines in consumer companies offset banks’ rebound.

Tyson Foods Inc. and Pilgrim’s Pride Corp. fell more than 4.5 percent amid reports of suspected bird flu in Arkansas. Citigroup Inc. and Bank of America Corp. added at least 1.6 percent after financial stocks in the Standard & Poor’s 500 Index Tuesday had their steepest decline since April. Intel rallied the most since November after its biggest drop in more than a month.

The S&P 500 Index climbed less than 0.1 percent to 2,045.05 at 12:33 p.m. in New York. The gauge is trading near its average price for the past 100 days. The Dow Jones Industrial Average added 30.85 points, or 0.2 percent, to 17,693.79. The Nasdaq Composite Index was little changed.

The dollar’s ascent to a 12-year high versus the euro sent American stocks tumbling yesterday, erasing gains for the year on concern earnings are in worse shape than investors recognized. The S&P 500 is down 0.6 percent in 2015, with the index trailing all but one of 24 developed markets.

Source: Bloomberg