News Column

Gold Inches Back Above USD1300 As Stocks Wobble

May 19, 2014

WASHINGTON (Alliance News) - Gold prices are higher Monday morning, boosted by the safe haven appeal of the precious metal amid weakness in equity markets and concerns over the situation in Ukraine.

Gold futures for June delivery are up USD8.90 or 0.69% at USD1,302.30 an ounce. Gold gained 0.5% last week.

Silver for July is up USD0.234 or 1.21% at USD19.563 an ounce.

Meanwhile, copper is up USD0.028 or 0.88% at USD3.175 per pound, an 11-week high, amid hopes the Chinese government will announce fresh stimulus to revive its economy.

This week, investors will be looking ahead to some crucial economic reports, including the US housing data for April and the minutes of the Federal Oper Market Committee's April meeting.

The US jobless claims report, the flash estimate of Markit's US manufacturing purchasing managers' index for May, the Conference Board's leading economic indicators index for April, a couple of regional Federal Reserves' manufacturing activity readings and announcements concerning the Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.

Investors will also be watching out for several Fed speeches scheduled for the week, including one from Federal Reserve Chair Janet Yellen.

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Source: Alliance News