Investing.com - Gold prices slipped on Monday on Russia's
decision to conclude military exercises on its border with Ukraine,
while a cease fire in Gaza also chipped away at the yellow metal's
On the Comex division of the New York Mercantile Exchange, gold
futures for December delivery traded at 1,310.40 a troy ounce
during U.S. trading, down 0.05%, up from a session low of $1,306.50
and off a high of $1,312.80.
The December contract settled down 0.11% at $1,311.00 on
Futures were likely to find support at $1,283.30 a troy ounce,
last Tuesday's low, and resistance at $1,324.30, Friday's high.
Reports that Russia has ended the military exercises it was
conducting near the Ukraine border gave the dollar room to rise on
Monday in a session void of major market-moving indicators, which
ate into gold's appeal as a hedge.
Gold and the dollar tend to trade inversely with one
Russian President Vladimir Putin said Moscow is working with the
International Red Cross to send humanitarian aid to Ukraine, which
also gave the greenback support.
Meanwhile in the Middle East, a 72-hour ceasefire between Israel
and Hamas in Gaza took effect on Sunday, which gave the dollar
further room to rise by allaying concerns that geopolitical
tensions will dampen global growth and possibly prompt the Federal
Reserve to take more time analyzing the economy before raising
A U.S. decision to launch airstrikes in Iraq to halt a Sunni
insurgency gave the greenback support as well, as fears that the
country was on the edge of chaos continue to wane on Monday.
Still, lulls in conflicts have happened in the past, and
investors priced in the possibilities that flare ups were possible
in Ukraine and in the Middle East, which cushioned gold's
Meanwhile, silver for September delivery was up 0.66% at $20.072
a troy ounce, while copper futures for September delivery were up
0.06% at $3.176 a pound.
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