News Column

Gold holds near high of three months

July 2, 2014



It failed to maintain that level, however. Spot gold had eased to $1.326.40 by 0954 GMT, down 0.1 percent, while US gold futures for August delivery were up $5.60 an ounce at $1,327.60.



Gold steadied above $1,325 an ounce on Tuesday as some buyers cashed in gains after the metal's earlier rally to three-month highs, but prices remained supported by dollar weakness and unrest in Ukraine and the Middle East.







Prices rose nearly one per cent on Monday after mixed economic data prompted a drop in the dollar index to seven-week lows. The metal extended gains in Asian trade to its highest since March 24 at $1,332.10 an ounce. It failed to maintain that level, however. Spot gold had eased to $1.326.40 by 0954 GMT, down 0.1 percent, while US gold futures for August delivery were up $5.60 an ounce at $1,327.60.







Compiled from agencies




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Source: Khaleej Times (United Arab Emirates)


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