Rising tension over North Korea and Syria push gold prices higherInvesting.com - Gold prices rose in European trade on Tuesday as rising political tension over North Korea and Syria supported demand for the safe-haven metal. On the Comex division of the New York Mercantile Exchange, for June delivery gained 0.39% to $1.258.85 a troy ounce. rose 0.70% at $946.60 a troy ounce, while gained 0.30% to $792.35 a troy ounce. Markets also focused eyes on Asia as North Korea warned Tuesday of "catastrophic consequences" in response to any further provocations by the U.S., days after a U.S. Navy battle group was sent to waters off the Korean peninsula. The U.S. had been working to rally international support for its revised stance on Syria ahead of the American Secretary of State's first diplomatic trip to Moscow.
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Expectations that the pace of U.S. interest rate increases will pick up this year, lifting the opportunity cost of holding non-yielding bullion, have proved a major drag on gold. REUTERS/Rupak De Chowdhuri/File PhotoBy Devika Krishna Kumar and Jan HarveyNEW YORK/LONDON (Reuters) - Gold prices ended little changed on Monday as expectations that the Federal Reserve will press ahead with interest rate rises offset concerns over political tensions in North Korea and the Middle East. "This has increased the probability of a June rate rise... (and) clearly weighed on gold." "Gold is caught between rising tensions that could stoke safe-haven flows, and the market looking through the geopolitical risks to the next U.S. rate hike given the tight correlations." After rallying for a fourth month though gold is trading just above its 200 day moving average.
Spot gold was up 0.3 percent at $1,257.88 per ounce by 0744 GMT, while U.S. gold futures rose 0.5 percent to $1,259.50. Spot gold is still targeting $1,241 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis, said Reuters technical analyst Wang Tao. "Gold should retain a measure of support given the political tensions," said INTL FCStone analyst Edward Meir. "Rallies above $1,260 could be hard to sustain, as gold lacks momentum from a technical perspective," said Jeffrey Halley, senior market analyst at OANDA. A vendor shows gold stud earrings to a customer at a jewellery showroom in Colombo December 2, 2013.
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As it stated in
Gold little changed as Fed rate expectations offset geopolitical risk
Expectations that the pace of U.S. interest rate increases will pick up this year, lifting the opportunity cost of holding non-yielding bullion, have proved a major drag on gold. REUTERS/Rupak De Chowdhuri/File PhotoBy Devika Krishna Kumar and Jan HarveyNEW YORK/LONDON (Reuters) - Gold prices ended little changed on Monday as expectations that the Federal Reserve will press ahead with interest rate rises offset concerns over political tensions in North Korea and the Middle East. "This has increased the probability of a June rate rise... (and) clearly weighed on gold." "Gold is caught between rising tensions that could stoke safe-haven flows, and the market looking through the geopolitical risks to the next U.S. rate hike given the tight correlations." After rallying for a fourth month though gold is trading just above its 200 day moving average.
Gold edges up as geopolitical worries spur safe-haven buying
Spot gold was up 0.3 percent at $1,257.88 per ounce by 0744 GMT, while U.S. gold futures rose 0.5 percent to $1,259.50. Spot gold is still targeting $1,241 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis, said Reuters technical analyst Wang Tao. "Gold should retain a measure of support given the political tensions," said INTL FCStone analyst Edward Meir. "Rallies above $1,260 could be hard to sustain, as gold lacks momentum from a technical perspective," said Jeffrey Halley, senior market analyst at OANDA. A vendor shows gold stud earrings to a customer at a jewellery showroom in Colombo December 2, 2013.
read more visit us gold
collected by :Jack Luxor
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