Gold Holds Two-Day Increase on Dollar, Greece as Silver Advances

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Gold held a two-day gain as a climb in the dollar paused and concern increased that Greece may stumble in its bid to avoid default, boosting haven demand.

Bullion for immediate delivery was at $1,178.71 an ounce at 8:24 a.m. in Singapore from $1,176.80 on Tuesday, when prices rose as much as 0.8 percent to $1,183.06, according to Bloomberg generic pricing. Prices have gained since Monday after three straight weeks of losses.

While gold is 0.5 percent lower this year as investors gauge when the Federal Reserve will raise borrowing costs, rising tension between Greece and its creditors may spur demand for bullion as a haven. A revised plan submitted by Greece just three weeks before its financial safety net expires was still not considered credible, according to an international official familiar with the matter. A Greek default on its obligations may precipitate the country’s exit from the euro.

The Bloomberg Dollar Spot, a measure of the greenback versus 10 major currencies, was little changed for a second day on Wednesday after dropping 1 percent in Monday. The Fed is scrutinizing data for signs the U.S. economy can withstand higher borrowing costs, with a retail-sales report on June 11 forecast to show consumer demand recovering in May.

Gold for August delivery was unchanged at $1,177.60 an ounce on the Comex. Assets in bullion-backed exchange-traded products are around the lowest level since 2009.

Source : Bloomberg

Gold Climb for Second Day as Greece Concerns Fuel Haven Demand

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Gold gained for a second day as mounting concern that Greece will stumble in its bid to avoid default boosted the metal’s appeal as a haven asset.

Gold futures for August delivery climbed 0.3 percent to settle at $1,177.60 an ounce at 1:44 p.m. on the Comex in New York.

Silver futures for July delivery slipped less than 0.1 percent to $15.957 an ounce on the Comex, declining for a fifth day, the longest streak since May 30, 2014.

Platinum futures for July delivery gained 0.7 percent to $1,108.50 an ounce on the New York Mercantile Exchange. Palladium futures for September delivery slid 0.5 percent to $739.90 an ounce, an eighth straight decline and longest slump since Feb. 4, 2014.

Source: Boomberg

Chinese Index Futures Retreat After MSCI Delay; Asian Bonds Drop

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Chinese stock-index futures dropped after MSCI Inc. held off from adding mainland stocks to its benchmark indexes. Asian bonds tracked a selloff in the U.S. and Europe, while oil rose a second day.

SGX FTSE China A50 Index futures expiring this month fell 1.2 percent at 10:07 a.m. Tokyo time. Yields on Japanese government notes due in a decade climbed four basis points to 0.49 percent, as rates on similar maturity Australian and New Zealand debt rose at least six basis points. The MSCI Asia Pacific Index added 0.1 percent, with Japan’s Topix index rebounding from a three-week low. U.S. index futures climbed 0.1 percent. Oil in New York rose 0.8 percent.

MSCI said China still needs to improve market accessibility and address concerns about the ownership status of mainland shares before they’re eligible for global equity gauges. Bets the Federal Reserve is edging closer to raising U.S. interest rates this year fueled Treasury losses Tuesday, while signs of a pickup in euro-area growth sent most European bonds lower. Oil industry data pointed to a sixth week of declines in American crude inventories.

Yields on Australian 10-year bonds jumped 10 basis points, or 0.10 percentage point, to 3.06 percent, while New Zealand rates climbed six basis points to 3.92 percent for their seventh increase eight days.

Source : Bloomberg

Asia Stocks Swing as Energy Producers Rise, Consumer Shares Fall

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Asian stocks swung between gains and losses as energy companies advanced and consumer shares slid.

The MSCI Asia Pacific Index was little changed at 146.12 as of 9:16 a.m. in Tokyo after rising as much as 0.1 percent and falling less than 0.1 percent. West Texas Intermediate crude surged 3.4 percent on Tuesday as shale producers curbed output. Yields on 10-year Australian government notes climbed by 10 basis points after U.S. and European debt resumed losses.

MSCI Inc. said mainland Chinese stocks will probably be added to its indexes once market access issues are resolved, deferring a move that could lure billions of dollars to the world’s best-performing market.

Japan’s Topix index slid 0.1 percent. South Korea’s Kospi index added 0.4 percent. New Zealand’s NZX 50 Index slid 0.6 percent, while Australia’s S&P/ASX 200 Index lost 0.1 percent. Markets in China and Hong Kong have yet to open.

Source : Bloomberg

Japan Stocks Rise First Time in Four Days as Machine Orders Jump

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Most Japanese stocks rose, with the Topix index poised to end a three-day drop, as a report showed machine orders unexpectedly jumped in April. Mining and real-estate shares led the advance.

The Topix index gained 0.1 percent to 1,635.88 as of 9:01 a.m. in Tokyo, with two shares rising for each that fell. The Nikkei 225 Stock Average added 0.1 percent to 20,123.70. The yen traded at 124.41 per dollar after strengthening for two days. The Topix surged 16 percent this year through Tuesday, compared with a 2.5 percent gain by the MSCI World Index.

E-mini futures on the Standard & Poor’s 500 Index added 0.1 percent. The underlying gauge of U.S. equities closed little changed on Tuesday as banks rallied amid higher bond yields, while airlines weighed on transportation shares and technology companies slipped.

Reports Wednesday showed Japanese machinery orders rose 3.8 percent in April from March. Economists had forecast a 2.1 percent drop. Producer prices added 0.3 percent in May from a month earlier.

Source : Bloomberg