Kitco News

Gold Ends Steady-Weak; Selling Interest Limited by Geopolitics Jul 23 2014 4:31PM

Gold prices ended the U.S. day session steady to slightly lower in quieter trading Wednesday. Less risk aversion in the market place at mid-week is a bit bearish for safe-haven gold. However, the geopolitical events recently are still keeping sellers of gold leery. August Comex gold was last down $0.90 at $1,305.40 an ounce. Spot gold was last quoted down $2.80 at $1,305.25. December Comex silver last traded down $0.012 at $21.054 an ounce.


Commentary

Quiet Volume Jul 23 2014 8:55AM

Gold continues to trade contently in a narrow range, awaiting the “next” news event. Geopolitical tensions are somewhat offset with stabilizing equity pricing and a firmer recent tone to the U.S. dollar. Yesterdays CPI number came in up 0.3 for June, but the slightly higher tone was explained away with energy pops due to recent Middle East tensions. It is expected that with good crop expectations, a softening of energy pricing (assuming no escalation in the Middle East) as summer begins to be closer to ending than beginning (from a gasoline demand perspective), it is assumed that inflation will mitigate somewhat in the fourth quarter. All in all, not a number that will have an impact on the Fed’s short-term course. This market has a continued bid feel to it, and will continue to surprise with overextended reactions on news flashes. The $1,302 - $1,312 level from yesterday remains likely, but we suspect the market’s vulnerable to breaking higher


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Index data delayed 30 min.
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updown USD 80.81 -0.00
updown Crude Oil 103.08 -0.04
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