Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Price Flare As Tensions In Ukraine Rise

Published 08/27/2014, 04:52 AM
Updated 07/09/2023, 06:31 AM

Gold and Crude Oil prices trade narrowly in New York. On one hand the precious metal rose the most in more than two weeks as tensions flared on the border between Ukraine and Russia, boosting accordingly the safe haven appeal of the metal. On the other hand the black gold rose from a seven-month low as U.S. durable goods data and consumer confidence boosted economic optimism, while analysts forecast crude supplies fell.

Also we should be aware that China’s gold imports from Hong Kong in July fell by 42 percent from a month earlier as an anti-corruption campaign and price declines deterred Chinese consumers, while the cheapest crude prices since January has refiners producing fuel at record rates, helping lower the cost of gasoline at pumps across the country.

In fact a report showed that the country’s Consumer confidence in July improved further in August, hitting the highest since October 2007 at 92.4

This is up from 90.3 in July, and it was much stronger than the 89.0 forecasted by economists.

"Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits," said the Conference Board`s Lynn Franco.

While that another report showed durable goods orders jumped by the highest on record in July as bookings surged for commercial aircraft and automobiles.

Business equipment orders retreated after the biggest gain in seven months.

Accordingly the gold is so far trading around $1283.95 an ounce recording a high of $1290.75 ounce and a low of $1275.65 an ounce and crude is trading around $93.25 a barrel recording a high of $93.92 a barrel and a low of $97.05 a barrel.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.