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)

Euro Snaps 2-Day Gain Before Factory, Growth Data Amid ECB Bets

 The euro snapped a two-day gain before data this week that may show the region’s factory output dropped and growth slowed, fanning speculation the European Central Bank will take more measures after a rate cut last week.

The yen was near a two-month low before Bank of Japan board member Ryuzo Miyao speaks today amid speculation the central bank will add to stimulus next year. The pound remained lower following a three-day slide before the Bank of England publishes economic forecasts in its quarterly Inflation Report today.

The euro was at $1.3434 at 9:59 a.m. in Tokyo after strengthening 0.5 percent in the previous two days to $1.3436. The yen was little changed at 99.63 per dollar after touching 99.80 yesterday, the weakest since Sept. 13. It traded at 133.83 per euro after a 0.7 percent slide to 133.87 yesterday.

Sterling lost 0.1 percent to $1.5889 after declining 1.2 percent since Nov. 7.

Factory production in the 17-nation euro region probably fell 0.3 percent in September from August, when it rose 1 percent, according to the median estimate of economists in a Bloomberg News survey. The European Union’s statistics office will report the figure today.

That’s followed by data tomorrow probably showing the euro-area economy expanded 0.1 percent in the three months through Sept. 30, based on a separate Bloomberg poll of economists. The region grew 0.3 percent in the second quarter, marking an end to a record-long recession.

(Source: Bloomberg)

Dolar Diperdagangkan Disekitar Harga Terendah 2011 Versus Euro Memicu Spekulasi Stimulus FED

Dolar diperdagangkan di dekat level terendah hampir dua tahun terhadap euro sebelum data AS yang dapat menambah kasus bagi Federal Reserve untuk mempertahankan stimulus lebih lama .

The Bloomberg Indeks Dollar AS jatuh ke terlemah dalam delapan bulan kemarin setelah laporan Departemen Tenaga Kerja menunjukkan pengusaha menambahkan pekerjaan lebih sedikit dari perkiraan ekonom . Dolar Aussie naik ke level tertinggi empat bulan setelah data yang dirilis di Sydney menunjukkan bahwa inflasi dipercepat pada kuartal ketiga . Euro diadakan di dekat terkuat sejak 2009 terhadap yen sebelum data hari ini yang mungkin menunjukkan kepercayaan konsumen blok perdagangan naik ke level tertinggi sejak Juli 2011.

Dolar tidak berubah pada $ 1,3781 per euro pada 10:12 di Tokyo dari kemarin , ketika menyentuh $ 1,3792 , level terlemah sejak November 2011. Greenback turun 0,1 persen menjadi 98,07 ¥ . Euro melemah ¥ 135,15 dari 135,25 kemarin , ketika mencapai 135,51 , tertinggi sejak November 2009 .

Bloomberg US Dollar Index , yang melacak greenback terhadap 10 mata uang utama , berada di 999,01 dari 999,46 kemarin , penutupan terendah sejak 13 Februari

Indeks MSCI Asia Pacific naik 0,3 persen , mengikuti kenaikan  0,7 persen pada MSCI World Index kemarin.

(Sumber: Bloomberg)

Emas Melemah Pada Menit-Menit Terakhir Proses Kesepakatan Utang AS

Emas jatuh kerena harapan bahwa anggota parlemen AS masih dalam proses mencari kesepahaman untuk menaikkan plafon utang sebelum otoritas pinjaman  pemerintah mencapai deadline besok bahkan setelah DPR membatalkan pemungutan suara sesuai rencana.

Bullion untuk pengiriman segera turun sebanyak 0,6 persen menjadi $ 1.275 per ounce dan berada di $ 1,275.06 pada 08:03 di Singapura . Harga jatuh ke $ 1,251.85 kemarin, level terendah sejak 10 Juli sebelum menutup 0,8 persen lebih tinggi sebagai negosiasi terhenti . Emas untuk pengiriman Desember diperdagangkan 0,2 persen lebih tinggi pada $ 1,276 per ounce di Comex di New York .

Setelah pemungutan suara parlemen dibatalkan , Pemimpin Mayoritas Senat Harry Reid , seorang Demokrat , dan Pemimpin Minoritas Mitch McConnell , seorang Republikan , memulai kembali perundingan untuk mengakhiri kebuntuan . Fitch Ratings memprediksikan kemungkinan penurunan peringkat utang AS kemarin , mengutip ketidakmampuan anggota parlemen ' untuk mencapai kesepakatan sementara menegaskan kembali bahwa mereka mengharapkan plafon utang dinaikkan .

DPR membatalkan pemungutan  suara tadi malam pada rencana fiskal , menurut  Pete Sessions , ketua Komite  Pembuat Peraturan Senat . RUU yang akan membuat pemerintah  kembali aktif setelah 15 Desember dan menangguhkan batas utang sampai 7 Februari 2014 .

(Sumber: Bloomberg)