Dow jumped 528 (rising over 200 hour in the last hour of trading), advancers over decliners 2-1 & NAZ gained 139. The MLP index added 3+ to 215 & the REIT index went up 2+ to the 384s. Junk bond funds were little changed & Treasuries had limited buying in a choppy session. Oil rose 2+ to the 73s & gold pulled back 19 to 1790 following its rise over 1800 (more on both below).
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Gold futures declined, posting their first loss in 5 sessions, as traders looked to a week that includes a report on inflation & multiple central-bank meetings where interest-rate hikes could diminish the yellow metals' appeal to investors. Feb gold fell $18 (1%) to settle at $1792 per ounce. That was the lowest most-active contract finish since Dec 6. Gold was hit by profit-taking ahead of the major central bank events taking place this week, with traders continuing to pay respect to the key $1800 resistance level, Gold prices softened as investors shied away from precious & industrial metals & awaited tomorrow's consumer-price index report, along with a smattering of central bank meetings — including the Fed, the ECB, the Bank of England, the Swiss National Bank & others — which are taking place this week. When central banks impose higher interest rates, it makes gold less attractive by comparison since the yellow metal doesn't offer a yield.
Gold posts first loss in 5 sessions as investors brace for inflation report and more central-bank rate hikes
U.S. oil futures settle 3% higher on supply worries
Dow Jones Industrials
