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Gold futures traded little changed after the Federal Reserve Janet Yellen failed to allay fears that US interest rates will rise. Yellen noted that "the rate increase will be possible in the course of any meeting after the statements of the Central Bank of intensions undergo appropriate changes." Next Yellen said that the Fed will raise rates when inflation is confident, adding that in the short term, inflation may fall. She also reported that the updated statement of intent will not necessarily mean that the presence of the word "patience" makes it impossible to increase rates over the next couple of meetings.

Recall, gold is under pressure in recent weeks amid lingering expectations that this year the Federal Reserve will raise interest rates. Expectations rise in interest rates has a negative impact on the dynamics of the price of gold, because it can not compete with earning assets at high rates.

Had little impact as US data. One report showed that the preliminary PMI index reached 57.0 in February, up from 54.2 in January. In the prior index is about 85% off the regular monthly responses. The result underlined the fastest growing activity since October last year. In addition, the last reading was generally in line with the average, which was observed during 2014 (57.1). Higher levels of business activity in the services sector have been caused by a strong rebound in new orders in February. The growth of new business rose from a record low of January survey, and was the strongest in four months. Reports of the respondents suggest that the increase in underlying economic conditions has increased the demand from customers.

Meanwhile, in another report, it was reported that the index of US consumer confidence fell in February to a level of 96.4 points against 103.8 points in January (revised from 102.9 points). Economists had expected the index to decline to 99.6 points. The expectations index fell to 87.2 in February from 97.0 in January, as the proportion of consumers is expected to improve business conditions in the next six months, fell to 16.1 percent from 18.9 percent. Meanwhile, the number of pending deteriorating business conditions rose to 8.7 percent from 8.2 percent. Also, consumers were less optimistic about the prospects for the labor market - an indicator that assesses opinion on changes in the number of new jobs in the coming months, fell to 13.4 percent from 17.3 percent. In the Conference Board also said that the assessment of current conditions was less favorable - the index fell in February to 110.2 from 113.9 in January. The proportion of consumers who believe that business conditions are "good" fell to 26.0 percent from 28.2 percent, while the number of reporting to the contrary decreased to 17.0 percent from 17.3 percent.

April futures price of gold on the COMEX today fell to 1198.20 dollars per ounce.

Oil prices are mixed in today's trading. Brent Crude added +0.02%, currently trading at USD58.91 a barrel. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. West Texas Intermediate declined for the sixth straight session by -0.49% currently quoted at USD49.21, as the U.S. supply glut drove prices down. Rig numbers declined by 37 in the last week according to the Industry Research Group Baker Hughes, the smallest weekly decline this year. U.S. supply is at record highs. Today API Crude Oil Inventories will be in the focus.

Yesterday prices rose on rumours that OPEC President Diezani Alison-Madueke, Nigeria's oil minister, would call an emergency meeting if prices continue to fall but prices fell as other OPEC officials said that there a no plans for such a meeting.

Oil prices lost more than 50% between June and January before rebounding from lows. Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share. Rising U.S. stockpiles are contributing to a global glut that drove prices lower. The U.S., Brazil, Russia and the OPEC are producing at record levels.

Gold declined today to near 7-week lows, back below the USD1,200 threshold ahead of the highly anticipated speech of ECB president Mario Draghi at 14:00 GMT and FED chair Janet Yellen's semi-annual testimony to the Senate Banking Committee later in the day. Markets will closely watch the testimony for clues as to when the world's largest economy may raise interest rates. Last weeks minutes of the FED's policy meeting showed that some members are concerned that a rate hike would slow down the economic recovery.

Greece submitted a comprehensive list of reforms as asked by the E.U. as condition of an extension of the bailout for four months. According to officials the list was "sufficiently comprehensive to be a valid starting point for a successful conclusion of the review.".

A stronger U.S. dollar and the prospect for higher U.S. rates weigh on the precious metal as the precious metal is dollar-denominated and not yield-bearing.

The precious metal is currently quoted at USD1,196.90 -0,36% a troy ounce. Gold fell 2.3% last week, a fourth straight weekly loss. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.

BLOOMBERG

Greek Plan to Tackle Economy Goes Before Finance Chiefs

(Bloomberg) -- Greece's month-old government is about to find out whether a package of new economic measures sketched in recent days is enough to win more funding from the rest of the euro region to keep the country solvent.

A draft list of commitments was under discussion with the International Monetary Fund, the European Commission and the European Central Bank after Finance Minister Yanis Varoufakis sent it to the institutions and Jeroen Dijsselbloem, president of the euro-area finance ministers group, before the midnight deadline on Monday. The group is scheduled to hold a conference call on Tuesday to assess the measures.

Source: http://www.bloomberg.com/news/articles/2015-02-23/greek-plans-to-tackle-economy-go-before-finance-chiefs

REUTERS
Yellen faces Senate grilling on Fed rate policy, transparency

(Reuters) - Federal Reserve Chair Janet Yellen is expected to face pointed questions this week from U.S. lawmakers aimed at revealing details about the Fed's timing on interest rate hikes, as well as fresh scrutiny about transparency at the central bank.

Yellen will likely give away little in her prepared testimony for the Senate Banking Committee on Tuesday, and the House Financial Services Committee on Wednesday. But her answers to lawmakers' questions will be parsed for insight into the her thinking about issues like persistently weak inflation, stagnant wage growth and whether she still feels the nation's falling unemployment rate disguises lingering ills in the labor market.

Source: http://www.reuters.com/article/2015/02/24/us-usa-fed-idUSKBN0LS0BD20150224

REUTERS

Brent falls toward $58 as supply fears linger

(Reuters) - Brent fell toward $58 a barrel on Tuesday, extending the 2-percent loss in the previous session, as oversupply fears lingered, overshadowing any optimism on the outlook for the global economy.

The oil benchmark had traded above $59 in early Asian trade before negative sentiment overtook, dragging prices 7-percent off its near two-month peak reached last Tuesday.

Brent LCOc1 fell 58 cents to $58.32 a barrel by 0704 GMT (2.04 a.m. EST), while U.S. crudeCLc1 was down 60 cents at $48.85.

U.S. crude stocks are expected to have increased by 4 million barrels to a record high in the week ending Feb. 20, a preliminary Reuters survey showed on Monday.

Refinery woes weighed on crude prices.

Source: http://www.reuters.com/article/2015/02/24/us-markets-oil-idUSKBN0LR01E20150224