News Column

Gold Extends Rally Ahead Of US Economic Data

May 5, 2014

WASHINGTON (Alliance News) - Gold prices are modestly higher Monday, extending previous session's gains as investors continue to seek the safe-haven investment amid mounting tensions between Russia and Ukraine.

Gold futures for June are up USD8.50 or 0.65% at USD1,311.40 an ounce, slightly off a high of 1,315.10, its best level since April 15.

Gold futures ended up USD19.50 or 1.5% at USD1,302.90 an ounce on Friday, snapping a four-day losing streak after some upbeat employment data from the US

Silver for July is up USD0.109 or 0.56% at USD19.655 an ounce. Meanwhile, copper is down USD0.010 or 0.33% at USD3.060 per pound.

In economic news, Markit will release the final estimates of its US service sector purchasing managers' index for April at 9:45 am ET. The consensus estimate call for the index to have remained unchanged at 55.3 in April.

At 10 am ET, the Institute for Supply Management will release its service sector purchasing managers' index for April. Economists estimate the index to have increased to 54.2 in April from 53.1 in March.

Investors will be looking ahead to the speeches by several central bank officials, including Fed Chair Janet Yellen this week.

The weekly US jobless claims report and the US Commerce Department's preliminary reports on first quarter productivity will also be eyed.

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Source: Alliance News

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