Gold Drops to Seven-Week Low on Greek Accord as Platinum Falls

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Gold futures fell to a seven-week low after Greece reached a provisional accord on a bailout with euro-area finance ministers, reducing demand for the metal as a haven. Platinum dropped to the cheapest in five years.

Gold has dropped below $1,200 an ounce after last month topping $1,300, partly on speculation that Greece would reach a debt agreement. The metal fell as the dollar gained amid bets the Federal Reserve will raise interest rates this year. Fed Chair Janet Yellen is scheduled to speak Tuesday in the Senate and the following day in the House.

On the Comex in New York, gold futures for April delivery fell 0.3 percent to settle at $1,200.80 at 1:40 p.m. Earlier, the price touched $1,190.60, the lowest for a most-active contract since Jan. 5.

Aggregate trading was 30 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

Source: Bloomberg

Oil Extends Weekly Decline as Global Supply Glut Seen Growing

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Crude extended a weekly decline amid speculation excess supply will increase as Libya restarted a pipeline halted by a fire and the U.S. idled fewer drilling rigs than in previous weeks.

West Texas Intermediate oil dropped as much as 4.2 percent after falling 4.6 percent last week. Oil fields in eastern Libya resumed pumping to the port of Hariga after a pipeline was repaired, according to state-run National Oil Corp. The number of oil rigs in the U.S. fell by 37 to 1,019 last week, the least in service since July 2011, data from Baker Hughes Inc. showed on Friday. It was the smallest cut in seven weeks.

Rising supply is contributing to a global surplus that drove crude down by almost half in 2014. OPEC has signaled that it™s prepared to let prices fall to a level that would force surging U.S. output to slow. American crude inventories and production expanded to the highest level in more than three decades, government data showed last week.

Source : Bloomberg

U.S. Stocks Little Changed, Nasdaq Extends Rally; Oil, Gold Drop

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U.S. stocks were little changed, with benchmark indexes near all-time highs, as Apple Inc. rallied to send the Nasdaq Composite Index to its ninth straight gain. Oil fell below $50 a barrel, while gold dropped to a seven-week low. The dollar strengthened and Treasuries rose.

The Standard & Poors 500 Index fell less than 0.1 percent at 4 p.m. in New York after closing at an all-time high on Friday. The Nasdaq Composite added 0.1 percent to cap its longest rally since September 2010. The yield on 10-year Treasury notes fell five basis points to 2.06 percent. The dollar strengthened against emerging-market currencies before Federal Reserve Chair Janet Yellen addresses Congress this week. U.S. oil fell 2.7 percent, and gold slipped to $1,200.80 an ounce.

Apple Inc. jumped 2.7 percent to pace gains among technology shares, while energy shares slid 0.4 percent as oil resumed declines. Major U.S. equity benchmarks closed at records Friday after Greece reached a deal on its bailout. The government in Athens has until midnight Greek time to complete a list of policies in return for continued funding. A Greek government official said it will be sent on Tuesday. Investors will watch Yellen™s semi-annual testimony to Congress starting Tuesday for clues on the timing of an interest-rate increase.

Source: Bloomberg

U.S. Stocks Fall as Crude Slides; European Shares Rise on Greece

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U.S. stocks declined from records as oil dropped below $50 a barrel. The dollar strengthened against emerging-market currencies before Federal Reserve Chair Janet Yellen addresses Congress this week.

The Standard & Poor™s 500 Index slid 0.3 percent at 12:47 p.m. in New York after closing at an all-time high on Friday. The Stoxx Europe 600 Index added 0.7 percent, while Portugal™s 10-year rate reached 2.118 percent, below its U.S. equivalent. The dollar strengthened, while the ruble slid 3.6 percent in offshore trading after Moody™s Investors Service downgraded Russia to junk. Oil lost 3.2 percent in New York.

Major U.S. equity benchmarks closed at records Friday after Greece reached a deal to extend the terms of its bailout. Investors will watch Yellen™s semi-annual testimony to Congress starting Tuesday for clues on the timing of an interest-rate increase. A report Monday showed sales of existing U.S. homes fell more than forecast last month. European equities gained on the Greek deal.

Source: Bloomberg

Europe Stocks Extend 2007 High After Greek Agreement; HSBC Falls

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European stocks climbed for a fifth day after Greek creditors agreed to extend the nation™s bailout funds.

The Stoxx Europe 600 Index added 0.7 percent to 385.08 at the close in London. The FTSE 100 Index surpassed a record close in intraday trading before falling as much as 0.4 percent as lower-than-projected profit at HSBC Holdings Plc dragged the stock lower. The U.K. gauge ended little changed.

The Stoxx 600 reached its highest level since October 2007 after advancing for a third week, the longest stretch since the start of December, on optimism Greece and its creditors would agree on a deal. The nation™s bailout terms were extended by four months, and Greece needs to complete by the end of the day a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.

The nation™s ASE Index slipped 4.5 percent last week. The Greek market was closed on Monday for a holiday. Ireland™s ISEQ Index, the Dutch AEX Index and the OMX Copenhagen 20 Index climbed the most among 18 western-European markets on Monday.

Source: Bloomberg