Investing.com - Gold prices moved lower on Monday after upbeat
U.S. data and waning Ukraine fears chipped away at the precious
metal's appeal as a hedge to uncertainty.
On the Comex division of the New York Mercantile Exchange, gold
futures for December delivery traded at 1,298.30 a troy ounce
during U.S. trading, down 0.60%, up from a session low of $1,296.70
and off a high of $1,304.80.
The December contract settled down 0.72% at $1,306.20 on
Futures were likely to find support at $1,293.00 a troy ounce,
Friday's low, and resistance at $1,321.80, Thursday's high.
Waning geopolitical concerns sent
falling on Monday.
Russian and Ukraine foreign ministers held talks earlier and
while no resolution to end the conflict emerged, the flow of
humanitarian aid deliveries into Ukraine from Russia continued,
which calmed nerves in global markets.
Upbeat U.S. data also weakened the commodity by keeping
expectations firm that the Federal Reserve remains on track to end
its stimulus bond-buying program around October and raise interest
rates some time in 2015.
The National Association of Home Builders/Wells Fargo Housing
Market Index increased to 55.0 in August, a seven-month high, from
53.0 in July, beating estimates for a reading of 53.0.
A level above 50.0 indicates a favorable outlook on home sales
and below indicates a negative outlook.
"As the employment picture brightens, builders are seeing a
noticeable increase in the number of serious buyers entering the
market," said NAHB Chairman Kevin Kelly.
Meanwhile, silver for September delivery was up 0.66% at $19.635
a troy ounce, while copper futures for September delivery were up
0.17% at $3.108 a pound.
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