Gold extended losses to a second session on Monday after strong US jobs data eased worries of an economic slowdown and dimmed the metal’s safe-haven appeal. Fears among Chinese investors over a slowdown in the world’s second biggest economy also hurt prices, with investors and traders dumping gold. The drop in prices after five straight weekly gains comes despite weaker Asian equities and a geopolitical crisis in Ukraine, which would typically support gold. But with the crisis in Ukraine still unresolved and tensions between the West and Russia remaining high US job growth accelerated sharply in February despite the icy weather that gripped much of the nation, keeping the Federal Reserve on track to continue reducing its monetary stimulus – which had boosted gold prices. Today Gold has support of 1322.00 and resistance of 1349.00.
March 10, 2014 – Commodities News
Hot Asset For Today: Gold
Gold extended losses to a second session on Monday after strong US jobs data eased worries of an economic slowdown and dimmed the metal’s safe-haven appeal. Fears among Chinese investors over a slowdown in the world’s second biggest economy also hurt prices, with investors and traders dumping gold. The drop in prices after five straight weekly gains comes despite weaker Asian equities and a geopolitical crisis in Ukraine, which would typically support gold. But with the crisis in Ukraine still unresolved and tensions between the West and Russia remaining high US job growth accelerated sharply in February despite the icy weather that gripped much of the nation, keeping the Federal Reserve on track to continue reducing its monetary stimulus – which had boosted gold prices. Today Gold has support of 1322.00 and resistance of 1349.00.
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