News Column

Gold Eases Further From 2-Month Peak

June 30, 2014

WASHINGTON (Alliance News) - Gold futures inched lower Monday morning, extending losses from the previous session amid increased appetite for riskier assets.

US Gold for August was down USD5 at 1,314.00 an ounce on the Comex, having touched a 2-month peak near USD1,330 last week.

Disappointing German retail sales data raised expectations of further monetary easing from the European Central Bank, putting a floor under gold prices.

German retail sales fell unexpectedly in May, data from the country's statistics office showed Monday. Sales on the month decreased by 0.6% in May in adjusted terms.

Gold shipments into India may have plunged 77% in the first half amid government restrictions such as higher taxes on bullion imports, Bloomberg reported.

The up-and-down US housing market will be in focus for the holiday-shortened week.

Today, US pending home sales figures will be published at 10 a.m. ET. These will follow the Chicago purchasing managers' index (PMI) of manufacturing activity for June at 9:45 a.m.

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Source: Alliance News

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