News Column

Gold Lower As Market Eye Hints On Fed Policy

July 7, 2014

WASHINGTON (Alliance News) - Gold prices are lower Monday morning, extending previous session's losses, with last week's upbeat jobs data dimming gold's safe haven appeal.

Gold futures for August are down USD6.70 or 0.51% at USD1,314.60 an ounce.

On Thursday, gold futures ended down USD10.30 or 0.8% at USD1,320.60 an ounce, snapping a four-day winning streak.

While positive global equity markets and a stronger dollar dragged down the yellow metal, last week's dovish remarks from central bankers in European and the US have provided some support.

Silver for September is down USD0.207 or 0.98% at USD20.993 an ounce.

Meanwhile, copper is down USD0.014 or 0.43% at USD3.254 per pound.

Traders will be looking ahead to a slew of Fed speeches and the minutes of the June FOMC meeting.

Among the important data due for release this week are the weekly jobless claims report, data on wholesale inventories for May and Federal Reserve's consumer credit report for May.

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Source: Alliance News

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