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25 Feb 2013

Oil climbs slightly on bargain hunting

Following a weekly loss that saw futures trade around their weakest levels since early January, oil futures inched higher in the early part of Monday’s Asian session as traders saw an opportunity to perhaps grab crude on the cheap. On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.03% to USD93.16 per barrel in Asian trading Monday. On the New York Mercantile Exchange, light sweet crude futures for delivery in April rose 0.5% Friday to settle the week at USD93.33 a barrel by close of trade. On the week, New York-traded oil futures lost 2.7%. Oil futures, as was the case with gold and other dollar-denominated commodities, came under pressure on speculation the Federal Reserve is mulling an end to its money-printing endeavors that have previously boosted stocks and other riskier assets such as oil. With traders thinking that oil, gold and other commodities could be in for a near-term pullback, the U.S. dollar’s status as a safe-haven has proven appealing. The U.S. Dollar Index, which tracks the performance of the greenback against a basket of six other major currencies, ended the week at 81.55, the strongest level since August 30. Futures were also pressured by news that Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, may increase output to avoid demand destruction at the hands of higher prices. Speaking of OPEC, Iran is set to meet with the U.S. and five other nations later today in Kazakhstan. Iran has been under sanctions from the West regarding its pursuit of a nuclear agenda and those sanctions have crippled the country’s ability to receive dollars or euros for the sale of crude to foreign buyers. Meanwhile, Oil & Gas UK forecast that country’s oil production will slip 3% to 6% this year due to issues in the North Sea before rising next year. Elsewhere, Brent for April delivery fell 0.22% to USD114 per barrel on the ICE Futures Exchange.



Russia, Kazakhstan Expand Gold Reserves for Fourth Month

Russia and Kazakhstan expanded gold reserves for a fourth straight month in January, while Azerbaijan acquired bullion for the first time in more than a decade as central banks sought to diversify their assets. Russian holdings climbed 12.2 metric tons to 970 tons last month after gaining 8.5 percent over 2012, according to International Monetary Fund data. Kazakhstan’s hoard grew 1.5 tons to 116.8 tons, following last year’s 41 percent expansion, data on the IMF website showed. Azerbaijan bought 1 ton after reporting no holdings since 1999 and Mexico sold 0.1 ton. Enlarge image Gold will probably peak in 2013 and keep declining the following year as U.S. growth accelerates, Goldman Sachs said in a report on Dec. 5. Photographer: SeongJoon Cho/Bloomberg Gold fell for a fourth month in January, with analysts from Goldman Sachs Group Inc. to Credit Suisse Group AG calling an end to the metal’s 12-year bull run as data showed the global economy improving. Gold slumped to a seven-month low last week as investors cut holdings in exchange-traded products. Central banks will again be strong buyers this year after they boosted purchases 17 percent to 534.6 tons last year, the most since 1964, according to the London-based World Gold Council “Central-bank buying remains one of the bullish factors for gold,” Jiang Yangjing, an analyst at China International Capital Corp., said by phone from Beijing. “Prices at the moment are driven largely by macroeconomic data.” Federal Reserve Gold for immediate delivery traded at $1,583.30 an ounce at 12:07 p.m. in Singapore, down 5.5 percent this year. The price dropped to $1,555.55 on Feb. 21, the lowest since July 12, as some U.S. Federal Reserve policy makers advocated more flexibility in economic stimulus. A fall in February for a fifth monthly loss would be the worst run since 1997. Turkey’s holdings, which rose 10.3 tons last month, jumped 84 percent in 2012 as it accepted gold in its reserve requirements from commercial banks. Belarus’s reserves expanded 0.5 ton in January, while Tajikistan acquired 0.1 ton the same month, according to the IMF data, which are updated as countries report. Serbia bought 2.5 tons in December, and Venezuela added 1.9 tons in November, the data showed. Billionaire investors George Soros and Louis Moore Bacon cut their stakes in gold ETPs in the last quarter of 2012, while John Paulson maintained his share, filings showed this month. Total investor holdings in ETPs stood at 2,560.097 tons on Feb. 22, down 2.8 percent from a record reached on Dec. 20. An “inevitable unwind of the 12-year gold bull market has begun,” Ric Deverell and Tom Kendall, analysts at Credit Suisse, wrote in a Feb. 21 report. Gold will probably peak in 2013 and keep declining the following year as U.S. growth accelerates, Goldman Sachs said in a report on Dec. 5. Immediate-delivery metal reached a record $1,921.15 an ounce in September 2011.



Gold edges up on improved physical buying

Gold advanced in Asian trade Monday as physical buying improved. Gold for immediate delivery was seen trading at $1583.67 an ounce at 12.00 noon Singapore time while US gold was seen at $1583.27 an ounce on the comex division of nymex. Analysts said the precious yellow metal is likely to remain highly volatile during the day as investors were cautious over the outcome of an unpredictable election in Italy and its impact on the euro zone. The euro bounced from a six-week low around $1.3145, but further upside may be limited as investors eye the vote in Italy. They added that an unstable government in Italy could cause another crisis of confidence in the European Union's single currency. Gold hit a seven-month low of $1,554.49 on Thursday after minutes from the U.S. Federal Reserve's latest policy meeting triggered worries the central bank might stop or slow its bond buying programme. On Friday, April gold settled at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange, down $5.80 for the session. Gold struck a record of around $1,920 in September 2011, when a worsening debt crisis in Europe ignited a buying rush.


Courtesy:Bullion Street