Gold Steady Near $1313 on U.S. Economic Data and Unrest

Gold traded little changed below a three-week high as investors gauged the health of the U.S. economy and tensions persisted in Ukraine and the Middle East.

Gold for immediate delivery traded at $1,312.24 an ounce at 8:37 a.m. in Singapore from $1,312.92 yesterday, according to Bloomberg generic pricing. The metal on Aug. 8 climbed to $1,322.76, the highest level since July 18, as the U.S. began air strikes against Islamic militants in Iraq.

Bullion advanced 9.2 percent this year as mixed economic data signaled an uneven U.S. recovery, while unrest in Ukraine, Gaza and Iraq spurred haven demand. Retail sales data yesterday that missed estimates fueled bets that the Federal Reserve will join other global policy makers in keeping borrowing costs low for longer. The euro traded near a nine-month low against the dollar before data that’s forecast to show Germany’s economy contracted in the second quarter.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.