News Column

Gold Stays Flat Near USD1310

August 11, 2014

WASHINGTON (Alliance News) - Gold prices are down slightly Monday morning, with a recovery in global equity markets prompting investors to seek riskier assets.

Slightly easing geopolitical worries following a fresh 3-day truce in the Gaza Strip and pro-Russian militants' offer for a ceasefire are also contributing to gold's slight weakness.

Gold futures for December are down USD0.80 or 0.06% at USD1,310.20 an ounce.

On Friday, gold futures ended down USD1.50 or 0.1% at USD1,311.00 an ounce, after trading higher for much of the session amid geopolitical worries with Russia reacting aggressively to sanctions from the US and the EU, and the US President Barack Obama ordering limited airstrike on Iraq to thwart advancing Islamic militants.

A recovery in the US equity market and some strong economic data halted gold's rise. Gold gained 1.25% for the week.

Silver for September is down USD0.018 or 0.09% at USD19.923 an ounce. Meanwhile, copper is up USD0.008 or 0.25% at USD3.181 per pound.

Traders will be looking ahead to some Fed speeches and data on US retail sales and consumer sentiment during this week. The US Commerce Department's data on business inventories, data on import and export prices from the Labor Department are due.

Also due this week are the Federal Reserve's industrial production report for July, the results of New York Federal Reserve's manufacturing survey and weekly jobless claims data.

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Source: Alliance News

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