News Column

Gold losing safe-haven status

July 18, 2014

The safe-haven benefits for gold faded on Friday, with the precious metal dropping in electronic trading, as analysts say a lack of physical follow-through made that upward move unsustainable Gold for August delivery fell $5, or 0.4%, to $1,311.80 U.S. an ounce, after a 1.3% gain on Thursday after a Malaysia Airlines plane brought down in eastern Ukraine sent investors scrambling for safety. September silver also ceded ground after gaining 1.7% on Thursday. Silver fell 15 cents, or 0.7%, to $20.98 U.S. an ounce. Analysts said gold markets will continue to watch geopolitical events, especially ahead of the weekend, which could produce more headlines out of Russia and Ukraine over the downed jet and the Middle East, where Israel has launched a ground offensive in Gaza. Elsewhere in metals trading, October platinum fell by $8.00, or 0.5%, to $1,495.70 U.S. an ounce. September palladium fell $8.05, or 0.5%, to $877.05 U.S. an ounce. High-grade copper for September delivery eased two cents to $3.19 U.S. a pound.

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Source: Baystreet Commodities (Canada)

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