News Column

Gold Steady Above USD1,315 After Hawkish Fed Remarks

June 27, 2014

WASHINGTON (Alliance News) - Gold futures are little changed Friday morning with traders looking for fresh triggers after a recent run-up in bullion prices.

Traders continue to monitor the situation in Iraq where the parliament is scheduled to meet on Tuesday to discuss the process of forming a new government.

Hawkish remarks from a top Federal Reserve official are also weighing on gold.

US Inflation looks likely to rise back to 2% later this year, allowing the Fed to hike interest rates by the end of the first quarter 2015, St. Louis Fed President James Bullard said in an interview on the Fox Business Network Thursday.

Gold futures for August delivery are down USD1.10 or 0.08% at USD1,315.90 an ounce.

On Thursday, gold futures ended down USD5.60 or 0.4% at USD1,317.00 an ounce, snapping a six-day winning streak, on profit taking and a stronger dollar.

Silver for September is down USD0.109 or 0.52% at USD21.053 an ounce

Meanwhile, copper is down marginally at USD3.171 per pound.

On the economic front, Reuters and the University of Michigan are scheduled to release their final consumer sentiment reading for June at 9:55 am ET. Economists expect the index to be upwardly revised to 81.9 from 81.2 in May.

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Source: Alliance News

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