Gold Futures Gain as Yellen Signals Rate Increase Isn’t Imminent

---

Gold futures rebounded from a seven-week low after Federal Reserve Chair Janet Yellen signaled an interest-rate increase isn™t imminent. Palladium climbed to the highest in almost six weeks.

Yellen, testifying to the Senate Banking Committee on Tuesday, indicated that a change in the Fed™s guidance on borrowing costs won™t lock the central bank into a timetable. Higher interest rates curb gold™s appeal because the metal generally gives returns only through price gains.

Gold has increased 1.5 percent this year as signs of an economic slowdown in China and turmoil over Greece™s debt boosted demand for haven assets. While the U.S. labor market is improving, inflation is below the Fed™s goal and wage growth is œsluggish, Yellen said Tuesday. She testified in the House of Representatives Wednesday.

Gold futures for April delivery rose 0.4 percent to settle at $1,201.50 an ounce at 1:47 p.m. on the Comex in New York. The metal fell to $1,190 on Tuesday, the lowest since Jan. 5, before paring losses after Yellen spoke to Congress.

Source: Bloomberg

Gold Rise After Yellen Signals Rate Increase Isn’t Imminent

---

Gold rebounded from the lowest level in seven weeks and silver rose after Federal Reserve Chair Janet Yellen signaled an interest-rate increase isn™t imminent. Palladium climbed to the highest in six weeks.

Yellen, testifying to the Senate Banking Committee on Tuesday, indicated that a change in the Fed™s guidance on interest rates won™t lock the central bank into a timetable for tightening. Higher interest rates curb gold™s appeal because the metal generally gives returns only through price gains.

Gold for April delivery rose as much as 1.2 percent to $1,211.70 an ounce and traded at $1,209.50 at 8:05 a.m. on the Comex in New York, rebounding from three days of losses. Bullion dropped to as low as $1,190 an ounce on Tuesday, the lowest price since Jan. 5.

Prices may get a boost from buyers in China, who returned from a week-long holiday on Wednesday, Howie Lee, an investment analyst at Phillip Futures Pte, wrote in a note.

Silver for May delivery climbed 2.5 percent to $16.64 an ounce.

Source : Bloomberg

U.S. Stocks Little Changed Near Records Amid Corporate Earnings

---

U.S. stocks were little changed near all-time highs as declines in Hewlett-Packard Co. and Apple Inc. offset gains among retailers amid corporate earnings.

Hewlett-Packard tumbled 9.9 percent after saying earnings will be hurt by the rising dollar. Apple lost 2.6 percent as technology shares slumped 0.7 percent. Chesapeake Energy dropped 9.6 percent as earnings fell short of analysts™ projections. Dollar Tree Inc. and TJX Cos. added more than 2.2 percent to pace gains among retailers.

The Standard & Poors 500 Index fell less than 0.1 percent to 2,113.83 at 4 p.m. in New York. The Dow Jones Industrial Average rose 15.38 points, or less than 0.1 percent, to a record 18,224.57. The Nasdaq Composite lost less than 1 point, ending a 10-day rally that brought the gauge to within 1.6 percent of its 2000 record.

Source: Bloomberg

U.S. Stocks Fluctuate Near Record Levels Amid Corporate Earnings

---

U.S. stocks fluctuated, after benchmark gauges closed at all-time highs, as gains among retailers on corporate earnings offset declines in Hewlett-Packard Co. and Chesapeake Energy Corp.

Dollar Tree Inc. and TJX Cos. added more than 3 percent to pace gains among retailers. Hewlett-Packard tumbled 9.5 percent after saying earnings will be hurt by the rising dollar. Chesapeake Energy lost 9.7 percent as earnings fell short of analysts™ projections.

The Standard & Poor™s 500 Index rose less than 0.1 percent to 2,115.91 at 12:14 a.m. in New York. The Dow Jones Industrial Average gained 15.71 points, or 0.1 percent, to 18,224.90. The Nasdaq Composite Index added 0.1 percent after a 10-day rally brought the gauge to within 1.6 percent of its 2000 record.

The S&P 500 rose last week as minutes from the central bank™s latest meeting showed some policy makers argued for keeping rates low for longer amid risks facing the economy.

Source: Bloomberg

European Stocks Little Changed as Banks, Autos Offset Axa Gains

---

European stocks closed little changed near a seven-year high as losses in banks and auto companies countered Axa SA™s advance.

Greek lenders led a measure of bank stocks lower, with National Bank of Greece SA and Piraeus Bank SA tumbling more than 11 percent. Auto-related stocks posted the worst performance of the 19 industry groups on the Stoxx Europe 600 Index as Valeo SA slid 2.3 percent after missing estimates for full-year operating profit. Continental AG retreated 2.5 percent. Axa rose 2.6 percent after posting a 12 percent jump in annual profit.

The Stoxx 600 dropped 0.1 percent to 386.76 at the close of trading, paring earlier losses of as much as 0.4 percent. The equity gauge rose 0.6 percent on Tuesday, pushing its gains this year to 13 percent, as Greece reached a bailout deal and the Federal Reserve pledged patience on raising interest rates. The Greek ASE Index slid 1.6 percent today, for the biggest drop among 18 western-European markets.

Source: Bloomberg