Gold Declines With Precious Metals on Rally by Equities, Dollar

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Gold futures fell the most in a week as rallies by equities and the dollar reduced demand for precious metals as alternative investments.

U.S. and European shares rose after China’s central bank cut lenders’ reserve requirements by the most since the global financial crisis. The dollar rose for the first time in a week against a basket of 10 currencies. Gold fell 2.5 percent in March as the greenback climbed for the ninth straight month. Silver, platinum and palladium slumped Monday.

Gold futures for June delivery fell 0.8 percent to settle at $1,193.70 an ounce at 1:48 p.m. on the Comex in New York, the biggest drop for a most-active contract since April 9. The metal declined for three straight quarters amid concern that the Federal Reserve will raise interest rates.

U.S. monetary policy will remain accommodative once the central bank lifts interest rates, likely in 2015, New York Federal Reserve President William C. Dudley said in a speech Monday at the Bloomberg Americas Monetary Summit.

Silver futures for May delivery fell 2.1 percent to $15.889 an ounce on the Comex. Earlier, the price touched $15.82, the lowest since March 19.

On the New York Mercantile Exchange, platinum futures for July delivery dropped 1.6 percent to $1,148.80 an ounce, the biggest decline since March 30.

Palladium futures for June delivery fell 1.3 percent to $772.40 an ounce, the largest slump since April 8.

Source : Bloomberg

Euro Ends Best Streak in a Year as Greece Orders Funds Movement

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The euro declined, ending a four-day rally against the dollar, as European leaders wrangled with a defiant Greece about how to avoid a default and secure financing.

The single currency dropped versus most of its major peers as Greek Prime Minister Alexis Tsipras ordered local governments to move their funds to the central bank based on needs for cash for salaries, pensions and a repayment to the International Monetary Fund. Federal Reserve Bank of New York President William C. Dudley said he is relatively optimistic that a rebound in U.S. growth will support a decision to raise interest rates later this year, backing demand for the U.S. currency.

The single currency slipped 0.7 percent to $1.0732 at 1:39 p.m. in New York, following a 2.3 percent advance during the previous four days, the longest winning run since April last year. It declined 0.3 percent to 128.15 yen.

The euro has dropped 7.9 percent this year, according to the Bloomberg Correlation-Weighted Index. The yen is up 5.5 percent, while the dollar has gained 5.1 percent.

Source : Bloomberg

Wall Street ends up on China stimulus before tech earnings

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U.S. stocks ended higher on Monday, reversing much of the previous session's sharp decline, as China's steps to stimulate its slowing economy and cautious optimism about U.S. earnings lured investors into technology stocks.

Based on the latest available data, the Dow Jones industrial average rose 209.4 points, or 1.17 percent, to 18,035.7, the S&P 500 gained 19.14 points, or 0.92 percent, to 2,100.32 and the Nasdaq Composite added 62.79 points, or 1.27 percent, to 4,994.60.

Source : Reuters

Wall St. Rallies on China Stimulus, Earnings

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U.S. stocks rose on Monday, reversing much of the previous session's sharp decline, as China's steps to stimulate its slowing economy and as earnings lured money back into equities.

In the second industry-wide cut in two months, China's central bank on Sunday reduced the amount of cash that banks must hold as reserves in a move to help spur bank lending and combat slowing growth.

Morgan Stanley (MS.N) shares rose 1.2 percent to $37.19 after the Wall Street investment bank reported a 60 percent rise in quarterly profit and raised its dividend by 50 percent to 15 cents per share.

Hasbro (HAS.O) jumped 9.5 percent to $72.16 after the toymaker reported a surprise increase in revenue. Royal Caribbean (RCL.N) fell 7.8 percent to $72.85 after it reported a fall in revenue, saying a strong dollar hurt onboard spending by customers from outside the United States.

At 11:30 a.m. EDT the Dow Jones industrial average .DJI rose 241.7 points, or 1.36 percent, to 18,068, the S&P 500 .SPX gained 21.39 points, or 1.03 percent, to 2,102.57 and the Nasdaq Composite .IXIC added 59.37 points, or 1.2 percent, to 4,991.19.

Nearly 76 percent of the S&P 500 components that have reported earnings beat analyst expectations, topping the 70 percent average in the last four quarters. However, just 47 percent beat on revenue, compared to the 58 percent average top line beat over the last year.

Source : Reuters