Gold Futures Slip as U.S. Equities Trade Near All-Time High

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Gold futures slipped in New York as U.S. equities traded near record highs, paring demand for the metal as an alternative asset.

The Standard & Poors 500 Index of equities advanced to a record yesterday. U.S. stocks fluctuated today, as reports showed the number of Americans filing claims for unemployment benefits rose last week to the highest since early September and orders for U.S. business equipment unexpectedly fell in October.

Gold, which has fallen 9.4 percent since the end of June amid a surging stock market and stronger dollar, traded little changed most of the day. The economic reports may help ease concern that the Federal Reserve will soon raise interest rates, said David Meger, the director of metals trading at Vision Financial Markets.

Gold futures for February delivery declined less than 0.1 percent to settle at $1,197.50 an ounce at 1:48 p.m. on the Comex in New York, the second decline in three days.

Source: Bloomberg

Gold Trades Near 3-Week High Before Data on U.S. Durable Goods

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Gold was little changed near a three-week high as investors waited for data on the health of the U.S. economy.

U.S. data on initial jobless claims, durable goods, consumer confidence, home sales and personal spending are due today before the Thanksgiving holiday. The metal slid yesterday, before recovering to close higher, after data showed the U.S. economy expanded in the third quarter more than forecast.

Gold for February delivery fell less than 0.1 percent to $1,196.90 an ounce on the Comex by 7:50 a.m. in New York. The metal for immediate delivery slipped 0.3 percent to $1,197.13 an ounce. Futures trading volume was 46 percent above the 100-day average at this time of day.

Platinum for January delivery on the New York Mercantile Exchange was little changed at $1,225.20 an ounce. Palladium for March delivery climbed 0.7 percent to $802.30 an ounce.

Holdings in gold-backed exchange-traded products fell 1.1 metric tons to 1,616.7 tons as of yesterday, declining for the first time in three days, according to data compiled by Bloomberg.

Source : Bloomberg

European Stocks at Two-Month High as DAX Rallies for 10th Day

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European stocks closed unchanged at a two-month high, with German equities posting their longest winning streak since May 2013.

The Stoxx Europe 600 Index stood at 346.28 at the close of trading, after earlier rising as much as 0.4 percent. Utility companies were among the biggest gainers, with RWE AG and EON SE helping push Germanys DAX Index up 0.6 percent. The European gauge has rebounded 12 percent from this years low in October amid additional stimulus measures from central banks in China, Japan and Europe.

German equities have climbed 16 percent since their low last month amid optimism that exporters will benefit from a weaker euro as the European Central Bank looks into broadening its asset-buying program. The DAX closed at its highest level since July.

Utility companies in the Stoxx 600 climbed 0.6 percent as a group. RWE, Germanys largest power producer, gained 3 percent, and EON, the countrys second biggest, added 1.7 percent.

A measure of commodity producers advanced 0.7 percent after a two-day drop. Anglo American Plc rose 1.4 percent and BHP Billiton Ltd. climbed 0.8 percent.

Source : Bloomberg

U.S. Stocks Fluctuate Near Record Levels Amid Economic Reports

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U.S. stocks fluctuated, with benchmark indexes near all-time highs, as investors assessed data on labor, manufacturing and housing to gauge the strength of the American economy.

Phone companies climbed 1 percent, while technology stocks gained as Hewlett-Packard Co. rose to the highest level since May 2011 even after missing analyst estimates in an earnings report yesterday. Energy producers decreased as Seadrill Ltd. suspended dividends amid the lowest oil prices in more than four years.

The Standard & Poors 500 Index rose less than 0.1 percent to 2,068.5 at 12:01 p.m. in New York. The Dow Jones Industrial Average fell 16.5 points, or less than 0.1 percent, to 17,798.44. The Nasdaq 100 Index climbed 0.4 percent. Trading in S&P 500 companies was 30 percent below the 30-day average for this time of the day. U.S. markets will be closed tomorrow for the Thanksgiving holiday.

Source: Bloomberg