Gold Climbs With Silver as Fed Minutes Show Rates May Stay Low

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Gold futures rose the most this month after minutes from the Federal Reserve™s January meeting showed policy makers argued for keeping interest rates near record lows for longer. Silver advanced.

Bullion for April delivery added as much as 1.9 percent, the most since Jan. 30, to $1,222.90 an ounce. It was at $1,221 by 7:34 a.m. on the Comex in New York, after touching a six-week low of $1,197.20 on Wednesday.

Gold for immediate delivery climbed 0.7 percent to $1,220.86 in London, according to Bloomberg generic pricing.

Prices gained 3.1 percent on the futures market this year, partly as turmoil over Greece spurred haven demand. The country™s government submitted a request to its euro-area creditors to extend the availability of bailout funds for six months in a last-ditch effort to avert a cash crunch. Germany rejected Greece™s request, saying its offer doesn™t meet the euro region™s conditions for continuing aid.

Source : Bloomberg

Oil Falls With Ruble as Europe Stocks Rise on Greek Deal Outlook

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Slumping oil prices damped demand for Russia™s ruble and increased the appeal of bonds. European stocks rebounded with Greek shares on prospects for a compromise between the country™s government and its creditors.

West Texas Intermediate crude slid 3.5 percent to $50.31 a barrel at 7:03 a.m. in New York. The Stoxx Europe 600 Index advanced 0.2 percent while Greece™s ASE index gained 1.3 percent and the nation™s bonds rose after the government submitted a request to extend the availability of bailout funds for six months. Standard & Poor™s 500 Index futures lost less than 0.1 percent. Treasuries gained with U.K. gilts and German bunds. The ruble fell for the first time in five days.

U.S. crude stockpiles probably rose for a sixth week to the highest in at least three decades, analysts in a Bloomberg survey said before an Energy Information Administration report. While oil has rebounded from a six-year low in January, some options traders are betting the gains won™t last.

Stocks and S&P 500 futures were little changed after gains this year boosted the value of global equities to a record $67 trillion, while lower oil prices spurred deflation in countries from France to Finland. Treasuries extended their advance from Wednesday, when Federal Reserve officials signaled an inclination to keep rates on hold œfor a longer time in minutes of their January meeting.

Source: Bloomberg

U.S. Stocks Fall as Oil Tumbles, Germany Rejects Greek Proposal

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U.S. stocks fell as oil prices tumbled for a second day and Germany rejected a proposal from Greece to seek an extension of its loan facilities.

The Standard & Poor™s 500 Index fell 0.3 percent to 2,093.56 at 9:32 a.m. in New York. West Texas Intermediate crude oil lost 5 percent to slip below $50 a barrel.

Futures advanced earlier after the European Commission said a letter by Greece™s government requesting the extension of its loan facilities could pave the way for a compromise agreement. Gains were quickly erased after a German government official said Greece™s request is not in line with agreed criteria for the euro region.

The S&P 500 was little changed Wednesday, erasing a loss as speculation that the Federal Reserve will keep rates lower for longer overshadowed a drop in energy shares. Minutes from the Fed™s latest meeting showed some policy makers argued for keeping rates low for longer amid risks facing the economy.

Source: Bloomberg

Gold Climbs With Silver as Fed Minutes Show Rates May Stay Low

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Gold futures rose the most this month after minutes from the Federal Reserve™s January meeting showed policy makers argued for keeping interest rates near record lows for longer. Silver advanced.

Bullion for April delivery added as much as 1.7 percent, the most since Jan. 30, to $1,221 an ounce on the Comex in New York. It was at $1,217.70 by 10:13 a.m. in London, after touching a six-week low of $1,197.20 on Wednesday.

Futures trading volume was 40 percent below the 100-day average for this time of day, according to data compiled by Bloomberg. Gold for immediate delivery climbed 0.4 percent to $1,217.78 in London, according to Bloomberg generic pricing.

Holdings in gold-backed exchanged-traded products rose for the first time in a week, adding 0.1 metric ton to 1,670.4 tons as of Wednesday, data compiled by Bloomberg show. Assets reached a four-month high on Feb. 9.

Silver for March delivery advanced 2 percent to $16.585 an ounce in New York, after dropping to the lowest since Jan. 9 on Wednesday. Platinum increased 1 percent to $1,178.50 an ounce, rebounding from the lowest since 2009. Palladium was little changed at $776.50 an ounce.

Source: Bloomberg

European Stocks Drop From Seven-Year High as Energy Shares Fall

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European stocks fell from a seven-year high as energy shares declined.

The Stoxx Europe 600 Index slipped 0.2 percent to 379.46 at 8:11 a.m. in London. Total SA and BG Group Plc dropped at least 1.3 percent as crude prices fell, sending a gauge of oil and gas shares to the worst performance among 19 Stoxx 600 industry groups. Pressure also increased for Greece to reach a deal with its creditors before its bailout agreement ends this month.

The Stoxx 600 rose 0.9 percent on Wednesday on speculation for a Greek deal after an official said its government will submit a request on Thursday for a six-month loan extension. The gauge has surged 11 percent this year as the ECB announced quantitative easing last month.

The central bank will publish on Thursday a summary of its monetary-policy meeting for the first time. The document will cover the Jan. 22 deliberations behind its decision to start buying government bonds.

Source: Bloomberg