Gold Advances After Yellen Backs Easing Until Economy Improves

Gold climbed for a second day after Federal Reserve Chairman nominee Janet Yellen backed stimulus until the economy and labor market improves, reducing concern the central bank’s bond-buying program will soon be scaled back. Silver rebounded from the lowest level since August.

Bullion for immediate delivery rose as much as 0.4 percent to $1,287.01 an ounce, and was at $1,284.66 at 8:49 a.m. in Singapore. Prices rose 1.1 percent yesterday, the most since Oct. 22, as the Bloomberg U.S. Dollar Index lost 0.4 percent. The measure of the greenback’s value against 10 currencies fell 0.2 percent today, trimming this year’s advance to 3.1 percent.

Gold lost 23 percent in 2013 as signs of recovery spurred speculation that the Fed will start to cut the $85 billion of monthly bond buying, strengthening the dollar. Yellen said in testimony prepared for her nomination hearing today before the Senate Banking Committee that the economy and labor market are performing “far short of their potential” and must improve before the central bank can begin reducing monetary stimulus.

Gold for delivery in December gained as much as 1.4 percent to $1,286.50 an ounce on the Comex, before trading at $1,284 and ending a five-day losing streak that was the longest since the six days through Aug. 6. Trading volume was 8 percent above the average for the past 100 days at this time.

In China, the second-largest consumer, volumes for cash gold of 99.99 percent purity on the Shanghai Gold Exchange climbed to 15,413 kilograms yesterday, the most since Oct. 11.

(Source: Bloomberg)

Dolar Menuju Kerugian Bulanan Terhadap Hampir Semua Mata Uang Utama Sejalan Dimulainya Pertemuan FED

 Dolar menuju kerugian bulanan terhadap sebagian besar mata uang utama sebelum data AS diperkirakan akan menunjukkan kepercayaan konsumen jatuh ke level terendah dalam 5 bulan dan penjualan retail  terhenti disaat Federal Reserve memulai pertemuan dua harinya pada hari ini .

Greenback diperdagangkan mendekati hampir dua tahun rendah terhadap euro dengan laporan karena hari ini yang mungkin menunjukkan sentimen konsumen yang kuat di Perancis , ekonomi terbesar kedua di Eropa. The Bloomberg Indeks Dollar AS turun untuk bulan kedua di tengah spekulasi bahwa shutdown pemerintah parsial menambah kasus untuk Fed untuk menunda pengurangan stimulus . Dolar Aussie melemah setelah Gubernur Reserve Bank of Australia Glenn Stevens mengatakan mata uang mungkin akan " secara material lebih rendah . "

Dolar sedikit berubah pada $ 1,3783 per euro pada 10:01 di Tokyo dari kemarin , siap untuk penurunan 1,9 persen bulan ini . Hal ini menyentuh $ 1,3832 pada 25 Oktober , terlemah sejak November 2011. Mata uang AS turun 0,2 persen menjadi 97,52 ¥ , ditetapkan untuk penurunan bulanan 0,8 persen .

Euro  melemah 0,2 persen menjadi 134,39 ¥ dari kemarin . Untuk bulan ini , itu naik 1,1 persen terhadap mata uang Jepang . Dolar Australia turun 0,5 persen menjadi 95,23 sen AS , setelah sebelumnya jatuh ke 95,15 , terendah sejak 16 Oktober.

The Bloomberg US Dollar Index , yang melacak greenback terhadap 10 mata uang utama , berada di 1,002.57 1,002.27 dari kemarin. Indeks ini turun 0,9 persen bulan ini .

(Sumber: Blommberg)