Tuesday, 22 July 2014
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In Mcx Gold stabilized near USD 1,310 an ounce on Tuesday as escalating tensions over conflicts in Ukraine and the Gaza strip dented global risk appetite and burnished the metal's safe-haven appeal. Gold prices dipped mildly in Asia on Tuesday with the focus on geopolitical events. Gold futures for August delivery traded at $1,311.80 a troy ounce, down 0.16%, after hitting an overnight session low of $1,308.00 and off a high of $1,319.00.
Bullion Markets are also eyeing upcoming data from the United States, to gauge the strength of the economy and its impact on the Federal Reserve's monetary policy.Spot gold was little changed at USD 1,311.16 an ounce by 0009 GMT, after ending flat in the previous session. Investors sold some positions in bullion after the metal snapped a six-week winning streak last week.
Natural gas dropped on Monday after updated weather-forecasting models called for below-normal temperatures to make their way across parts of the eastern half of the U.S. in the coming days. Natural gas futures were likely to find support at $3.741 per million British thermal units, the low from Nov. 26, 2013, and resistance at $4.173, the high from July 14.
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