Gold Exchange Under $1,300 as Tension in Ukraine affect US Economy
May 26, 2014 7:19 am
Gold exchanged below $1,300 an ounce as unrest in Ukraine rises. Investors evaluated the monetary value of gold in regards with the tension in the Eastern European country. Platinum and palladium that backed assets in exchange-traded funds are set to rise to new records.
Bullions today traded for $1,293 an ounce at 1:50pm based on Bloomberg generic pricing. The U.S. and U.K. markets are closed for the holidays. Metal decreased 0.1% after sales of homes in the U.S. increased.
Gold has decreased 28% last year following the prospect that the Federal Reserve will reduce bond purchases amid the improvement of the economy. Tensions between Ukraine and Russia was partly at fault at the 7.6% rebound on the price of gold. Meanwhile Mexico cut holdings just as Turkey, Belarus, and Kazakhstan expanded gold reserves.
Analyst Zhu Siquan for GF Futures Co., says, “There isn’t much incentive for people to buy gold at the moment… Trading is expected to be lackluster with the U.S. holiday, with no economic data to look forward to. Ukraine continues to offer background support”
Gold for August delivery traded at $1,293.30 an ounce from $1,291.90 last May 23. SPDR Gold Trust’s holdings were unchanged on May 23 despite the falling to the lowest level since December 2008: 776.89 metric tons on May 21. In Asia, Shanghai ‘s volumes for benchmark spot contract suffered a decrease to 9,907 kg on May 23. This is the least since April 30.
Silver traded at $19.4395 an ounce. This is an increase from the $19.4584 when silver prices fell 0.3% on May 23.
Little change has been seen in palladium at $830.59 an ounce prior to reaching $839 on May 22. This was the highest since August 2011. Meanwhile, platinum appreciated 0.4% to $1,478.76 an ounce after rising to $1,496.38 on May 22. This one was the highest since September.
The three biggest platinum producers and the main union at their South African mines are looking to end an 18 week strike that has been delaying output since.
The material has been provided by InstaForex Company – www.instaforex.com
Gold exchanged below $1,300 an ounce as unrest in Ukraine rises. Investors evaluated the monetary value of gold in regards with the tension in the Eastern European country. Platinum and palladium that backed assets in exchange-traded funds are set to rise to new records.
Bullions today traded for $1,293 an ounce at 1:50pm based on Bloomberg generic pricing. The U.S. and U.K. markets are closed for the holidays. Metal decreased 0.1% after sales of homes in the U.S. increased.
Gold has decreased 28% last year following the prospect that the Federal Reserve will reduce bond purchases amid the improvement of the economy. Tensions between Ukraine and Russia was partly at fault at the 7.6% rebound on the price of gold. Meanwhile Mexico cut holdings just as Turkey, Belarus, and Kazakhstan expanded gold reserves.
Analyst Zhu Siquan for GF Futures Co., says, “There isn’t much incentive for people to buy gold at the moment… Trading is expected to be lackluster with the U.S. holiday, with no economic data to look forward to. Ukraine continues to offer background support”
Gold for August delivery traded at $1,293.30 an ounce from $1,291.90 last May 23. SPDR Gold Trust’s holdings were unchanged on May 23 despite the falling to the lowest level since December 2008: 776.89 metric tons on May 21. In Asia, Shanghai ‘s volumes for benchmark spot contract suffered a decrease to 9,907 kg on May 23. This is the least since April 30.
Silver traded at $19.4395 an ounce. This is an increase from the $19.4584 when silver prices fell 0.3% on May 23.
Little change has been seen in palladium at $830.59 an ounce prior to reaching $839 on May 22. This was the highest since August 2011. Meanwhile, platinum appreciated 0.4% to $1,478.76 an ounce after rising to $1,496.38 on May 22. This one was the highest since September.
The three biggest platinum producers and the main union at their South African mines are looking to end an 18 week strike that has been delaying output since.
The material has been provided by InstaForex Company – www.instaforex.com
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