Gold Holds Decline After Fed as Palladium Nears 33-Month High

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Gold held losses after the Federal Reserve said it sees a muted inflation risk from continued stimulus and assets in the SPDR Gold Trust fell to the lowest since December 2008. Palladium traded near a 33-month high.

Bullion for immediate delivery was at $1,292.45 an ounce at 10:13 a.m. in Singapore from $1,292.04 yesterday when prices retreated 0.2 percent, according to Bloomberg generic pricing. Gold for August delivery advanced 0.4 percent to $1,292.90 an ounce on the Comex in New York.

The Fed pared its monthly asset buying to $45 billion in April, its fourth straight $10 billion cut, and said further reductions in measured steps are likely. Bullion climbed 70 percent from December 2008 to June 2011 as the central bank bought debt and held borrowing costs near zero percent.

Assets in the SPDR, the world��s biggest gold-backed exchange-traded product, dropped 0.4 percent to 776.89 tons yesterday, the lowest since December 2008, according to data compiled by Bloomberg.

Palladium for immediate delivery traded at $828.89 an ounce from $828.85 yesterday, when prices touched $834.29, the highest since August 2011. In South Africa, the world��s second-biggest producer, workers at the top three mining companies have been on strike since late January, crippling output. Investors boosted their ETP holdings to a record 86.3 metric tons on May 21, data compiled by Bloomberg show.

Silver rose 0.2 percent to $19.4393 an ounce. Platinum fell 0.1 percent to $1,475.31 an ounce.

Source : Bloomberg

WTI Falls From 4-Week High Before China PMI Data; Brent Steady

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West Texas Intermediate crude fell from the highest price in more than four weeks amid speculation that factory production in China remained in contraction for a fifth month. Brent was steady in London.

Futures dropped as much as 0.4 percent in New York. HSBC Holdings Plc��s Purchasing Managers�� Index for China probably rose to 48.3 in May, according to a Bloomberg News survey of economists. Readings below 50 indicate a contraction. Gasoline and distillate inventories rebounded last week in the U.S., the world��s biggest oil consumer, data from the Energy Information Administration showed yesterday.

WTI for July delivery slid as much as 40 cents to $103.67 a barrel in electronic trading on the New York Mercantile Exchange and was at $103.92 at 11:11 a.m. Sydney time. Front-month futures rose $1.63 to $104.07 yesterday, the highest close since April 21. The volume of all futures traded was about 40 percent below the 100-day average. Prices are up 5.6 percent this year.

Brent for July settlement was 5 cents lower at $110.50 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.60 to WTI. The spread closed at $6.48 yesterday, the narrowest in a month.

U.S. crude inventories shrank by 7.23 million barrels in the week ended May 16, according to the EIA, the Energy Department��s statistical arm. Gasoline stockpiles increased by 970,000 barrels while distillate supplies, including heating oil and diesel, gained 3.4 million.

Source : Bloomberg

Dollar Holds Advance on 200-Day Moving Average; Aussie Declines

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The dollar remained higher against the yen after the U.S. currency rebounded from a key technical level at its 200-day moving average.


The greenback also held gains after a rebound in stocks boosted investors�� appetite for risk and an increase in Treasury yields improved the allure of U.S. assets. Australia��s dollar fell against most major peers before a private survey forecast to signal manufacturing contracted for a fifth month in China, the South Pacific nation��s biggest trading partner.


The U.S. currency gained 0.1 percent to 101.46 yen as of 8:50 a.m. in Tokyo from yesterday, and was little changed at $1.3685 per euro after advancing 0.1 percent in New York. The yen traded at 138.79 per euro from 138.74.


The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, was little changed at 1,009.49, following a two-day 0.2 percent advance.


The Standard & Poor��s 500 Index rose 0.8 percent yesterday, rebounding from a 0.7 percent drop the previous session. U.S. Treasury 10-year note yields rose two basis points, or 0.02 percentage point, to 2.53 percent in New York.


A preliminary reading of a purchasing managers�� index by HSBC Holdings Plc and Markit Economics today will probably be 48.3 for May, according to the median estimate of economists polled by Bloomberg News. That would be a fifth month for the manufacturing gauge below the breakeven level of 50, the longest stretch since 2012.


The Aussie slipped 0.2 percent to 92.36 U.S. cents. It touched 92.09 yesterday, the least since May 2.


Source : Bloomberg

Gold Prices Decline as Federal Reserve Sees No Inflation Risk

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Gold declined as the Federal Reserve said it sees a muted inflation risk from continued stimulus, lowering demand for the precious metal as a hedge against rising consumer costs.

Gold for immediate delivery fell 0.3 percent to $1,290.68 an ounce at 2:32 p.m. in New York, according to Bloomberg generic pricing.

On the Comex in New York, gold futures for June delivery closed 0.5 percent lower at $1,288.10 an ounce. The contract settled before the Fed statement was released.

The Fed pared its monthly asset buying to $45 billion in April, its fourth straight $10 billion cut, and said further reductions in measured steps are likely.

Bullion climbed 70 percent from December 2008 to June 2011 as the central bank bought debt and held borrowing costs near zero percent.

Copy Source: Bloomberg

WTI Oil Rises to One-Month High on U.S. Supply Drop

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West Texas Intermediate crude rose to a one-month high after an industry report showed U.S. stockpiles tumbled last week. Brent oil increased on unrest in Libya.

Futures advanced as much as 0.9 percent in New York. Crude supplies dropped by 10.3 million barrels last week, the American Petroleum Institute reported yesterday. A government report today will probably show inventories were unchanged near a record high, according to a Bloomberg survey. The U.S. moved a Marine contingent to Italy yesterday to prepare for the possible evacuation of American personnel from Libya.

WTI for July delivery increased 90 cents, or 0.9 percent, to $103.23 a barrel at 9:39 a.m. on the New York Mercantile Exchange. Prices reached $103.29, the highest intraday level since April 22. The volume of all futures traded was 20 percent above the 100-day average for the time of day.

Brent for July settlement gained 40 cents, or 0.4 percent, to $110.09 a barrel on the London-based ICE Futures Europe exchange. Volume was 11 percent higher than the 100-day average. The European benchmark crude traded at a $6.86 premium to WTI.

Source : Bloomberg

Gold Holds Below $1,300 as SPDR Assets Drop to Lowest Since 2008

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Gold held below $1,300 an ounce before U.S. economic data that may provide clues on the outlook for monetary stimulus. Holdings in the largest exchange-traded product shrank to the lowest level since December 2008.

Bullion for immediate delivery traded at $1,294.63 an ounce at 2:20 p.m. in Singapore from $1,294.37 yesterday, according to Bloomberg generic pricing. Assets in the SPDR Gold Trust dropped to 780.19 metric tons yesterday, the lowest since December 2008.

Gold for June delivery was little changed at $1,294.70 an ounce on the Comex in New York. Global gold demand fell to 1,074.5 tons in the first quarter from 1,077.2 tons a year earlier as jewelry purchases countered slides in investment and central-bank buying, the World Gold Council said yesterday.

Silver for immediate delivery traded at $19.449 an ounce from $19.4218 yesterday. Platinum rose 0.3 percent to $1,472.69 an ounce. Palladium increased 0.3 percent to $827.83 an ounce after prices yesterday reached $829.30, the highest level since August 2011.

Source : Bloomberg

Yen Gains as BOJ Refrains From Adding Stimulus; Aussie Declines

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The yen rose versus all 16 major peers after the Bank of Japan refrained from expanding stimulus and said it expects a moderate economic recovery to continue.

The currency was near a three-month high against the greenback as the U.S. yield premium over Japan shrank before the release of minutes from the Federal Reserve��s April meeting. Australia��s dollar held its sharpest loss in two months after consumer confidence dropped and iron ore prices fell to the lowest since September 2012. New Zealand��s kiwi touched the lowest this month after Fonterra Cooperative Group Ltd. said whole-milk powder prices declined for a seventh auction.

The yen gained 0.2 percent to 101.17 per dollar as of 1:38 p.m. in Tokyo from yesterday, when it added 0.2 percent. It touched 101.10 on May 19, the strongest since Feb. 5. Japan��s currency fetched 138.61 per euro from 138.83 yesterday, when it reached 138.55, the highest level since Feb. 7. The 18-nation euro traded unchanged at $1.3702.

Source : Bloomberg

Gold Holds Below $1,300 as SPDR Assets Drop to Lowest Since 2008

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Gold held below $1,300 an ounce before U.S. economic data that may provide clues on the outlook for monetary stimulus. Holdings in the largest exchange-traded product shrank to the lowest since December 2008.

Bullion for immediate delivery traded at $1,294.03 an ounce at 9:47 a.m. in Singapore from $1,294.37 yesterday, according to Bloomberg generic pricing. Assets in the SPDR Gold Trust dropped to 780.19 metric tons yesterday, the lowest since December 2008.

Gold has risen 7.7 percent this year as tension in Ukraine countered expectations that the Federal Reserve will press on with reducing stimulus as the economy improves. The Fed will today release minutes from its last meeting, when bond-buying was pared for a fourth time. Data tomorrow may show more Americans applied for jobless benefits after last week��s report showed unemployment claims fell to the lowest in seven years.

Gold for June delivery was little changed at $1,294.10 an ounce on the Comex in New York. Global gold demand fell to 1,074.5 tons in the first quarter from 1,077.2 tons a year earlier as jewelry purchases countered slides in investment and central-bank buying, the World Gold Council said yesterday.

Silver for immediate delivery traded at $19.412 an ounce from $19.4218 yesterday. Platinum was at $1,471.06 an ounce from $1,468.88. Palladium traded at $826.75 an ounce from $825.68 yesterday, when prices reached $829.30, the highest level since August 2011.

Source : Bloomberg

WTI Oil Advances as U.S. Crude Stockpiles Shrink; Brent Steady

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West Texas Intermediate advanced for the third time in four days after industry data showed crude stockpiles declined in the U.S., the world��s biggest oil user. Brent in London was steady.

July futures rose as much as 0.6 percent in New York. Crude supplies shrank by 10.3 million barrels last week, the American Petroleum Institute said yesterday. A government report today will probably show inventories unchanged near a record high, according to a Bloomberg News survey. Russia said its troops are pulling back from Ukraine��s border, as Prime Minister Dmitry Medvedev warned the U.S. and the European Union they risk provoking a new Cold War.

WTI for July delivery rose as much as 65 cents to $102.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.87 at 10:17 a.m. Sydney time. The volume of all futures traded was about 33 percent below the 100-day average. The June contract expired yesterday after dropping 17 cents to $102.44, the lowest since May 16.

Brent for July settlement gained 7 cents to $109.76 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.89 to WTI. It ended the session at $7.36 yesterday.

Crude supplies at Cushing, Oklahoma, the delivery point for New York futures, dropped by 261,000 barrels during the week ended May 16, the API said. Stockpiles have decreased as the southern leg of the Keystone XL pipeline began moving oil to Gulf Coast refineries from storage in January.

Source : Bloomberg

WTI Oil Falls on Ample U.S. Crude Supply; Brent Trades Near $109

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West Texas Intermediate crude slipped from a four-week high on speculation that U.S. inventories are adequate to meet demand from refineries making gasoline for the peak-demand summer months. Brent traded near $109 a barrel.

Futures fell as much as 0.3 percent in New York. A government report tomorrow will probably show that U.S. crude supplies were unchanged near a record high, according to a Bloomberg survey. WTI has climbed relative to other grades this year as the opening of the southern leg of the Keystone XL pipeline in January caused stockpiles to tumble at Cushing, Oklahoma, the delivery point for the futures. The link moves oil from the hub to refineries on the Gulf Coast.

WTI for June delivery slid 11 cents to $102.50 a barrel at 9:51 a.m. on the New York Mercantile Exchange. The contract, which expires today, climbed 59 cents to $102.61 yesterday, the highest settlement since April 21. The more-active July contract slipped 1 cent to $102.10.

Brent for July settlement declined 5 cents to $109.32 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade traded at a $7.22 premium to WTI futures for the same month.

Source :Bloomberg