News Column

Gold Hovers Above USD1300 As Global Tensions Mount

July 21, 2014

WASHINGTON (Alliance News) - Gold prices are modestly higher Monday morning, with investors shunning riskier assets amid mounting worries about tensions in Ukraine, Israel and the Middle East.

According to reports, the Israeli military have taken up positions near the Gaza border and killed 10 militants. It is believed that some Israeli soldiers too were killed in the fight.

Gold futures for August are up USD8.10 or 0.62% at USD1,317.50 an ounce.

On Friday, gold futures ended down USD7.50 or 0.6% at USD1,309.40 an ounce, due largely to profit taking. Gold futures shed about 2% last week.

But for some disappointing US economic data and mounting worries about the tensions in Ukraine where a Malaysian Airlines passenger jet was shot down on Thursday, the bullion would well have ended with a more pronounced loss last week.

Silver for September is up USD0.217 or 1.04% at USD21.113 an ounce. Meanwhile, copper is down USD0.004 or 0.13% at USD3.180 per pound.

Traders will be looking ahead to some crucial US economic reports this week, including the data on existing and new home sales data for June and the weekly jobless claims data, as well as the Labor Department's consumer price inflation data. At 8:30 am ET today, the Chicago Federal Reserve is scheduled to release its national activity index.

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Source: Alliance News

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