News Column

Gold Stable Near USD1260 After Yesterday's Drubbing

May 28, 2014

WASHINGTON (Alliance News) - Gold prices are little changed Wednesday morning with investors looking for fresh triggers after yesterday's significant decline to three-month lows.

A somewhat sluggish display by European stocks and concerns over the unrest in Ukraine are aiding the yellow metal to an extent.

Gold futures for August are up USD1.30 or 0.09% at USD1,266.90 an ounce.

On Tuesday, gold futures ended down USD26.20 or 2.0% at USD1,265.50 an ounce, their lowest level in over three months, with investors going in for riskier equity assets thanks to some upbeat US economic data.

Silver for July is up USD0.033 or 0.17% at USD19.100 and ounce.

Meanwhile, copper is down marginally at USD3.176 per pound.

On a light day for economic news, the US Treasury is scheduled to release the results of its auction of 5-year notes at 1 pm ET.

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Source: Alliance News