Gold gains as Yellen says policy stays loose

Investing.com - Investing.com - Gold futures rose on Wednesday after Federal Reserve Chair Janet Yellen said earlier that policy will remain accommodative despite an increase in appetite for risk in financial markets.

Still, upbeat private-sector jobs numbers out of the U.S. capped gold's gains by giving the dollar support.

Gold and the greenback tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,329.70 a troy ounce during U.S. trading, up 0.23%, up from a session low of $1,322.20 and off a high of $1,332.70.

The August contract settled up 0.35% at $1,326.60 on Tuesday.

Futures were likely to find support at $1,311.00 a troy ounce, Monday's low, and resistance at $1,334.90, Tuesday's high.

Federal Reserve Chair Janet Yellen said earlier that an appetite for risk is on the rise, though the country's top economist sees no need to immediately alter today's accommodative U.S. monetary policy.

Corporate bond spreads have been falling as have volatility indicators such as the VIX, which may indicate that investors are taking on risks despite the possibility of facing losses for which they might not be fully prepared, Yellen said in a speech at the International Monetary Fund.

Still, policy will remain accommodative, as Fed policies aren't a panacea to deal with financial risks such as asset bubbles.

Her words sent gold prices rising, as loose monetary policy bolsters the precious metal's appeal as a safe-haven hedge.

Still, better-than-expected jobs numbers capped gains by reminding investors that the Fed will tighten policy one day, likely within a year after it winds down its monthly bond-buying stimulus program.

Payroll processor ADP reported earlier in its nonfarm payrolls report showed that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 200,000 and the highest since

Meanwhile, silver for September delivery was up 0.62% at $21.248 a troy ounce, while copper futures for September delivery were up 1.79% at $3.261 a pound.

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Dollar gains on upbeat private-sector U.S. jobs report

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Wednesday after a private-sector jobs report came in much stronger than anticipated, boosting hopes official data will do likewise on Thursday.

In U.S. trading on Wednesday, EUR/USD was down 0.18% at 1.3655.

Payroll processor ADP reported earlier in its nonfarm payrolls report showed that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 200,000 and the highest since November 2012.

The upbeat data eased concerns that headwinds may be slowing U.S. recovery.

A separate report showed that U.S. factory orders fell by a larger than forecast 0.5% in May.

Elsewhere, Federal Reserve Chair Janet Yellen said earlier that the appetite for risk appears to be on the rise though the country's top economist sees no need to immediately alter today's accommodative U.S. monetary policy.

Corporate bond spreads have been falling as have volatility indicators such as the Volatility S&P 500, which may indicate investors are taking on risks despite the possibility of facing losses for which they might not be fully prepared, Yellen said in a speech at the International Monetary Fund.

Still, policy will remain accommodative, as Fed policies aren't a panacea to deal with financial risks.

The dollar, however, firmed anyway on sentiments that rates are set to rise next year regardless.

The dollar was up against the yen, with USD/JPY up 0.30% at 101.82, and up against the Swiss franc, with USD/CHF up 0.17% at 0.8892.

The greenback was down against the pound, with GBP/USD up 0.08% at 1.7164.

Demand for sterling continued to be underpinned after data on Wednesday showed that the U.K. construction sector expanded at the fastest rate in four months in June.

The data added to indications that the economy continued to grow at a strong pace in the second quarter, fuelling expectations that the deepening recovery will prompt the Bank of England to raise interest rates before the end of 2014.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.34% at 1.0669, AUD/USD down 0.61% at 0.9438 and NZD/USD down 0.03% at 0.8771.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.17% at 79.98.

On Thursday, the Institute for Supply Management will publish its report on U.S. service-sector activity on top of the widely-watched U.S. jobs report.

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Crude falls on U.S. factory data

Crude falls on U.S. factory data

Investing.com - Investing.com - Crude futures slipped on Tuesday after a widely-watched U.S. factory gauge missed expectations, which stoked demand concerns in the world's largest consumer of oil.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $104.83 a barrel during U.S. trading, down 0.52%. New York-traded oil futures hit a session low of $104.79 a barrel and a high of $106.08 a barrel.

The August contract settled down 0.35% at $105.37 a barrel on Monday.

Nymex oil futures were likely to find support at $104.66 a barrel, Monday's low, and resistance at $107.50 a barrel, the high from June 25.

The Institute for Supply Management reported earlier that its purchasing managers' index fell to 55.3 in June from 55.4 in May. Analysts had expected the manufacturing PMI to increase to 55.8 in June.

Any reading over 50 marks expansion, which suggests the U.S. economy continues to recover, though concerns that the U.S. is awash in crude while recovery still faces headwinds gave oil prices room to fall on Tuesday.

Separately, the Commerce Department said construction spending rose 0.1% in May, below an expected 0.5% increase.

Meanwhile in China, the country's official purchasing managers' index came in a 51.0 in June, in line with expectations and up from 50.8 in May, which also painted a picture of an improving global economy that cushioned oil's losses.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for August delivery were down 0.26% and trading at US$112.07 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.24 a barrel.

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Dollar gains as market gives U.S. factory report applause

Investing.com - Investing.com - The dollar traded mixed to higher than most major currencies on Tuesday even after a key manufacturing gauge missed expectations, as markets viewed the index as strong enough to suggest the U.S. economy continues to move ahead down its road to recovery.

In U.S. trading on Tuesday, EUR/USD was down 0.11% at 1.3678.

The Institute for Supply Management reported earlier that its purchasing managers' index fell to 55.3 in June from 55.4 in May. Analysts had expected the manufacturing PMI to increase to 55.8 in June, though the dollar posted gains, as any reading over 50 marks expansion.

Gains were cautious, as the report came in wake of U.S. data released last week showing a 2.9% economic contraction in the first quarter, which fueled expectations that the Federal Reserve will keep rates on hold for an extended period.

Speaking Monday, San Francisco Fed President John Williams underlined this view, saying the bank will probably need to hold interest rates near zero for at least another year to ensure recovery remains on track.

Still, the dollar found support on U.S. data and elsewhere.

China's official purchasing managers' index came in a 51.0 in June, in line with expectations and up from 50.8 in May, which also painted a picture of an improving global economy.

Elsewhere the final reading of the Markit Economic U.S. manufacturing PMI rose to 57.3 in June, the highest reading since May 2010. The report showed the fastest growth in output and new orders since April 2010.

Separately, the Commerce Department said construction spending rose 0.1% in May, below the expected 0.5% increase.

Meanwhile in Europe, revised data revealed that the euro zone's manufacturing PMI dipped to a seven-month low of 51.8 in June, missing consensus forecasts for a 52.9 reading.

Germany's PMI came in at 52.0, and eight-month low and shy of forecasts for a 52.4 reading.

A separate report showed that the region's unemployment rate ticked down to 11.6% in May, revised from the initial reading of 11.7%.

The dollar was up against the yen, with USD/JPY up 0.19% at 101.53, and up against the Swiss franc, with USD/CHF up 0.08% at 0.8876.

In Japan, the country's quarterly Tankan survey of big business sentiment came in at +12 in June, missing market calls for a +15 reading.

The greenback was down against the pound, with GBP/USD up 0.27% at 1.7152.

Earlier Tuesday, Markit Economics reported that its U.K. manufacturing purchasing managers' index rose to 57.5 last month, up from 57.0 in May. Analysts had expected the index to tick down to 56.8, which gave the pound support.

The report said new orders continued to increase on the back of stronger domestic and export demand. Meanwhile, jobs creation in the sector rose to its highest in 39 months, led by increases in small firms.

The report indicated that the U.K. economy continued to grow at a strong pace in the second quarter, fuelling expectations that the deepening recovery will prompt the Bank of England to raise interest rates before the end of this year.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.35% at 1.0634, AUD/USD up 0.70% at 0.9498 and NZD/USD up 0.22% at 0.8777.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.04% at 79.85.

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Gold edges higher as dollar slips on mixed U.S. data

Investing.com - Investing.com - Gold futures traded to two-month highs on Monday after the dollar slipped on mixed U.S. economic indicators, which sent investors jumping to the sidelines to await the U.S. June jobs report due for release on Thursday.

Gold and the dollar tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,327.80 a troy ounce during U.S. trading, up 0.59%, up from a session low of $1,311.20 and off a high of $1,330.20.

The August contract settled up 0.23% at $1,320.00 on Friday.

Futures were likely to find support at $1,305.40 a troy ounce, Tuesday's low, and resistance at $1,331.40, the high from April 14.

Soft regional manufacturing data offset upbeat housing data and prompted investors to avoid the greenback, which boosted gold's appeal as a hedge.

The National Association of Realtors reported earlier that pending home sales jumped 6.1% in May from April, rising to its highest level since last September. May's figure marked the largest increase since August 2010 and far surpassed forecasts for a 1.5% reading.

Still, the dollar slipped and gold rose after industry data released earlier revealed that the Chicago purchasing managers' index declined to 62.6 this month from 65.5 in May, missing expectations for a 63.0 reading.

Investors were turning their attention to the U.S. June nonfarm payrolls report, which will release a day early on Thursday due to the Independence Day holiday on Friday, avoiding the dollar during the trading session ahead of time.

Markets were eager for the release of a key manufacturing gauge on Tuesday as well.

Meanwhile,silver for September delivery was up 0.02% at $21.138 a troy ounce, while copper futures for September delivery were down 1.13% at $3.204 a pound.

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Dollar slides on soft regional manufacturing report

Investing.com - Investing.com - The dollar traded largely lower against most major currencies on Monday after a disappointing regional U.S. factory data sparked concerns that Thursday's widely-watched jobs report may come in sluggish and sway monetary authorities to leave interest rates low for longer than once thought.

In U.S. trading on Monday, EUR/USD was up 0.32% at 1.3694.

Soft regional manufacturing data offset upbeat housing data and prompted investors to avoid the greenback on Monday.

The National Association of Realtors reported earlier that pending home sales jumped 6.1% in May from April, far surpassing market calls for a 1.5% reading.

Still, the dollar slipped after industry data released earlier revealed that the Chicago purchasing managers' index declined to 62.6 this month from 65.5 in May, missing expectations for a 63.0 reading.

Investors were turning their attention to the U.S. June nonfarm payrolls report, which will release a day early on Thursday due to the Independence Day holiday on Friday, avoiding the dollar during the trading session ahead of time.

Markets were eager for the release of a key manufacturing gauge on Tuesday as well.

Meanwhile in Europe, the euro saw support after preliminary data revealed that the euro zone's annual inflation rate remained unchanged at 0.5% in June, easing pressure on the European Central Bank to announce fresh monetary easing measures.

It was the ninth consecutive month in which the inflation rate was below 1%. The ECB targets an inflation rate of close to but just under 2.0%.

The core inflation rate ticked up to 0.8% from 0.7% in May.

The ECB announced a package of measure aimed at staving off the threat of deflation on June 5, including cutting rates to record lows and imposing negative rates on lenders to encourage lending to consumers.

The dollar was down against the yen, with USD/JPY down 0.10% at 101.32, and down against the Swiss franc, with USD/CHF down 0.44% at 0.8868.

The greenback was down against the pound, with GBP/USD up 0.45% at 1.7113.

The pound, meanwhile, continued to see support after Friday data confirmed that the U.K. economy expanded by 0.8% in the first three months of 2014. The economy grew at an annual rate of 3.0% in the first quarter, the fastest since 2007.

Bank of England Governor Mark Carney has indicated that rates were unlikely to return to their pre-crisis levels of 5%, but instead could be expected to rise to around 2.5% by the first quarter of 2017.

The BoE announced a new affordability test on banks and a cap on home loans on Thursday, in a bid to prevent the housing market from destabilizing the U.K. economy.

Demand for sterling continued to be underpinned as the new measures did little to alter expectations that the BoE will raise interest rates ahead of other central banks.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.02% at 1.0665, AUD/USD up 0.06% at 0.9429 and NZD/USD down 0.26% at 0.8755.

In Canada, data released earlier earlier Monday revealed that the Canadian economy expanded by 0.1% in April, missing forecasts for a 0.2% increase.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.32% at 79.82.

On Tuesday, the dollar should move on the Institute of Supply Management's report on U.S. U.S. manufacturing activity.

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Sewage at the beaches, piles of garbage mar Gaza summer

By Nidal al-Mughrabi

GAZA (Reuters) - When Palestinians in the Gaza Strip seek some relief from the grind of life in an enclave plagued by conflict and hardship, they usually need to look no further than their sandy beaches.

But this summer, access to the cooling waters of the Mediterranean is gradually being closed off to Gaza's 1.8 million residents, due to pollution stemming from fuel shortages that have halted work at sewage treatment facilities.

Baha al-Agha of the Gaza Environment Quality Authority said about 100,000 cubic metres of untreated waste water are being pumped into the Gaza shore daily.

"Swimming is prohibited" signs have gone up at several beaches. But at one of Gaza's most popular beaches, dozens of people, including children, splashed in the water over the weekend despite the posted warning.

"Things are getting worse day by day in the absence of real and quick solutions," Agha told Reuters. He called on the Palestinian unity government formed earlier this month to act immediately "before Gaza beaches are declared a disaster area".

Egypt's closure of most of the estimated 1,200 cross-border smuggling tunnels run by Islamist group Hamas has virtually stopped cheap Egyptian fuel coming into Gaza.

Egypt's military-backed government fear the tunnels are used to take weapons into the Sinai Peninsula, and accuses Hamas of backing the Egyptian Muslim Brotherhood. Hamas denies it helps militants in Egypt.

Israel has its own blockade on Gaza, allowing in fuel and restricted imports since Hamas took control in 2007. But the Israeli fuel costs twice as much as Egyptian imports.

GARBAGE PILING UP

Gaza residents said they had little to celebrate at the start on Sunday of the Muslim month of Ramadan - traditionally a time for worship but also for family feasts in the evening at the end of a daily daytime fast.

Garbage has been piling up on the streets, with some 75 percent of sanitation trucks idled by the Gaza municipality's inability to pay high fuel prices.

"Tunnels are closed, crossings are closed, there is no sea port ... and now they are telling us the beaches are closed? Wouldn't it be easier if they just let us die in peace?" asked Ali Abu Hassan, a 46-year-old taxi driver.

Driving along Gaza's coastal road, the smell of sewage is sharp and waves hitting the beach are yellowish and brown.

Many in the Gaza Strip are also feeling the pinch of a salary dispute that could test the resilience of the new unity government formed under Hamas's reconciliation pact with Western-backed President Mahmoud Abbas.

Some 40,000 public servants hired by Hamas since it seized the Gaza Strip seven years ago from forces loyal to Abbas have not been paid in full for months due to a cash crunch caused by Egypt's tunnel crackdown.

Hopes of receiving wages quickly under the unity government were dashed when the new administration said it must first vet the employees before paying them - a process that could take months.

Hamas-hired workers, who held a one-day strike on Thursday, are particularly resentful that Abbas's Palestinian Authority has been paying its Gaza-based staff regularly, even though they have not reported to work since 2007.

(Editing by Jeffrey Heller and Raissa Kasolowsky)

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Dutch stun Mexico with last-gasp 2-1 win

FORTALEZA Brazil (Reuters) - A remarkable last-gasp turnaround by the Netherlands earned them a 2-1 comeback victory over Mexico on Sunday and a place in the World Cup quarter-finals as they equalised in the 88th minute and won it with a stoppage-time penalty.

Mexico made the breakthrough three minutes after halftime when Giovani Dos Santos held off two challenges before firing a powerful low shot into the corner.

Keeper Guillermo Ochoa, Mexico's hero in their group stage draw with Brazil, then produced an astounding reaction save to divert Stefan de Vrij's point-blank effort on to a post but he could do nothing to keep out Wesley Sneijder's fierce equaliser.

The Dutch won it when Arjen Robben was brought down by Rafael Marquez in stoppage time, with substitute Klaas-Jan Huntelaar slamming in the penalty.

The Dutch advance to a meeting with Costa Rica or Greece, who play later on Sunday.

(Writing by Mitch Phillips, editing by Ken Ferris)

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Gas leak, blast at ship breaking yard in Bhavnagar, 5 dead

The incident comes a day after a similar blast in a GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday.

Five persons were killed and ten others injured after an explosion occurred at the Alang ship breaking yard in Bhavnagar district in Gujarat.

The blast was triggered by a gas leak at plot no 140, where ship breaking working was in progress.

The injured labourers have been shifted to a hospital.

The incident comes a day after a similar blast in a  GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday .

The fire in the incident had also hit nearby houses, shops and coconut plantations.

GAIL stock price

On June 16, 2014, GAIL India closed at Rs 433.25, up Rs 16.45, or 3.95 percent. The 52-week high of the share was Rs 439.00 and the 52-week low was Rs 273.00.

The company's trailing 12-month (TTM) EPS was at Rs 34.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 12.56. The latest book value of the company is Rs 225.49 per share. At current value, the price-to-book value of the company is 1.92.

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TOP TEN RAINIEST CITIES IN INDIA ON FRIDAY

The cyclonic circulation near the coastal parts of Odisha and Andhra Pradesh will continue to bring good Monsoon rain over Odisha and Andhra Pradesh. Due the influence of the system, no dry spell is in the offing for East and Northeast India. According to latest weather update by Skymet Meteorology, here's a list of top ten rainiest cities in India on Friday, 27th of June.

Cities State Rainfall (in millimetres) Malda West Bengal 189 Pasighat Arunachal Pradesh 132 Jagdalpur Chhattisgarh 72 Cherrapunji Meghalaya 39 Balurghat West Bengal 38 North Lakhimpur Assam 32 Dibrugarh Assam 26 Ambikapur Chhattisgarh 24 Jalpaiguri West Bengal 23 Nellore Andhra Pradesh 22  

By: Skymetweather.com

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