News Column

Gold Holds Near 4-Month High Amid Europe Jitters

July 11, 2014

WASHINGTON (Alliance News) - Gold prices are little changed Friday morning, with traders looking to take some profits, cashing in on recent strength.

Renewed worries about the European economy on the back of recent weak data from France and Italy and concerns over Portugal's banking sector are supporting gold.

Gold futures for August are down USD1.00 or 0.08% at USD1,338.30 an ounce.

On Thursday, gold futures ended at a near four-month high at USD1,339.20 an ounce, gaining USD14.90 or 1.1%, as a sell-off in European equity markets and concerns about the financial health of Portugal's banking industry prompted traders to seek the safe haven of the yellow metal.

There was no change to the Fed's outlook on interest rates, with the central bank providing no indication as to when it is likely to start a tightening cycle.

Silver for September is down marginally at USD21.502 an ounce. Meanwhile, copper is down USD0.007 or 0.21% at USD3.260 per pound.

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Source: Alliance News

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