News Column

Gold Steadies After Biggest Daily Loss Of The Year

July 15, 2014

WASHINGTON (Alliance News) - Gold prices are higher Tuesday morning, as traders look ahead to some crucial US economic data and the Federal Reserve Chair Janet Yellen's statement.

Bargain hunting after Monday's sharp setback and weak European equity markets are contributing to the yellow metal's modest rise.

Gold futures for August are up USD5.10 or 0.39% at USD1,311.80 an ounce.

On Monday, gold futures plunged USD30.70 or 2.3% to close at USD1,306.70 an ounce, recording its biggest single day loss this year.

Silver for September is up USD0.103 or 0.49% at USD21.017 an ounce. Meanwhile, copper is down USD0.008 or 0.25% at USD3.241 per pound.

The US Federal Reserve Chair Janet Yellen will testify before the Senate Banking Committee at 10 am ET. Traders are looking for clues regarding likely timing of a rate hike.

The US Commerce Department will release its retail sales report for June at 8:30 am ET. Economists expect retail sales growth of 0.6% month-over-month in June and excluding autos retail sales may have grown at the same pace.

Around the same time, the New York Federal Reserve is due to release the results of its manufacturing survey for July at 8:30 am ET. The consensus estimate calls for a decline in the business conditions index based on the survey to 17.80 from 19.28 in June.

The US Labor Department's report on export and import prices for June and the Commerce Department's report on business inventories for May will be out at 8:30 am ET and 10 am ET, respectively.

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Source: Alliance News

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