News Column

Gold Eases On Profit Taking

July 18, 2014

WASHINGTON (Alliance News) - Gold prices are lower Friday morning, with traders taking some profits after yesterday's strong upmove.

However, concerns about escalating tensions in Ukraine where a Malaysian passenger jet crashed on Thursday, and the ongoing unrest in Iraq are limiting the bullion's losses.

Gold futures for August are down USD5.80 or 0.45% at USD1,311.00 an ounce.

On Thursday, gold futures ended up USD17.10 or 1.3% at USD1,316.90 an ounce, as investors went for the safe haven appeal of the precious metal, after geopolitical worries mounted after a Malaysian Airlines passenger jet crashed in eastern Ukraine.

A disappointing report on US housing starts and weak global equity markets too contributed to gold's rise.

Silver for August is down USD0.126 or 0.60% at USD21.008 an ounce. Meanwhile, copper is down USD0.021 or 0.66% at USD3.199 per pound.

Traders will be looking ahead to the results of preliminary consumer sentiment survey for July from Reuters and the University of Michigan, due at 9:55 am ET. Economists expect the index to rise to 83 in July from 82.5 in June.

The Conference Board is due to release its US leading economic indicators index for June at 10 am ET. The consensus estimates call for a 0.5% month-over-month increase in the index.

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Source: Alliance News

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