Gold Futures Advance Most This Month as Chinese Buyers Return

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Gold futures climbed the most in more than three weeks as buyers returned from holidays in China, the world™s biggest consumer after India.

Volumes for the Shanghai Gold Exchange™s benchmark spot contract gained for the second straight day. Markets in China were shuttered in the five sessions through Feb. 24 for the Lunar New Year holiday. The country™s gold imports from Hong Kong rose in January from the previous month as jewelry demand increased, data showed Thursday.

Futures rose for a second straight session. On Wednesday, Federal Reserve Chair Janet Yellen concluded testimony before Congress and reiterated that the central bank™s timetable for raising interest rates is flexible. Higher rates curb gold™s appeal because the metal generally offers returns only through price gains.

Gold futures for April delivery rose 0.7 percent to settle at $1,210.10 an ounce at 1:47 p.m. on the Comex in New York, the biggest increase since Jan. 30.

China™s net gold imports from Hong Kong totaled 71.6 metric tons in January, up from 58.8 tons in December, according to data compiled by Bloomberg from figures released Thursday by the Hong Kong Census and Statistics Department.

Source: Bloomberg

Gold Rose to Highest in a Week on China Demand, Rates Outlook

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Gold climbed to the highest in a week after Chinese buyers returned from holidays and investors speculated that the Federal Reserve will keep interest rates low. Platinum rose the most this month.

Gold for April delivery rose as much as 1.5 percent to $1,219.90 an ounce, the highest since Feb. 15 and traded at $1,216.60 by 8:12 a.m. on the Comex in New York. It™s down 4.9 percent this month, while still 2.7 percent higher this year. Bullion for immediate delivery rose 1 percent to $1,217.40 in London, according to Bloomberg generic pricing.

Source : Bloomberg

Nasdaq Composite Climbs on Tech Rally While Energy Shares Slump

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The Nasdaq Composite Index climbed closer to a record amid a rally in technology companies, while a slump in energy shares sent the Standard & Poor 500 Index lower.

Salesforce.com Inc. soared 12 percent after it raised its revenue forecast, leading gains among technology shares. Phone companies climbed 0.5 percent in the S&P 500 as the Federal Communications Commission adopted net-neutrality rules. Chevron Corp. and Exxon Mobil Corp. lost more than 1.1 percent as energy companies dropped 1.8 percent.

The Nasdaq Composite rose 0.4 percent at 4 p.m. in New York, resuming a climb toward an all-time high reached during the dot-com era in 2000. The S&P 500 fell 0.2 percent to 2,110.76. The Dow Jones Industrial Average lost 10.21 points, or 0.1 percent, to 18,214.36.

The S&P 500 has gained 5.8 percent in February, poised for the best monthly performance since October 2011, while the Dow has added 6.1 percent. The Nasdaq Composite has rallied 7.6 percent, buoyed by gains in Apple Inc., which has the biggest weighting in the index. The gauge advanced for 10 straight days through Feb. 24, and is now about 1.2 percent from its March 2000 record.

Source: Bloomberg

U.S. Stocks Fluctuate Near Record Levels as Energy Shares Slump

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U.S. stocks fluctuated, after benchmark indexes closed Wednesday near all-time highs, as energy shares tumbled while a rally in technology companies helped push the Nasdaq Composite Index closer to a record.

Salesforce.com Inc. soared 11 percent after it raised its revenue forecast. Chevron Corp. and Exxon Mobil Corp. lost more than 1 percent as energy companies dropped 1.5 percent.

The Standard & Poor™s 500 Index fell 0.1 percent to 2,111.28 at 12:02 p.m. in New York. The Dow Jones Industrial Average lost 17.25 points, or 0.1 percent, to 18,207.32. The Nasdaq Composite rose 0.3 percent, resuming its climb toward an all-time high reached during the dot-com era in 2000.

The S&P 500 has gained 5.9 percent in February, poised for the best monthly performance since October 2011, while the Dow has added 6.1 percent. The Nasdaq Composite has rallied 7.5 percent, buoyed by gains in Apple Inc., which has the biggest weighting in the index. The gauge advanced for 10 straight days through Feb. 24, and is now about 1.3 percent from its March 2000 record.

Source: Bloomberg