Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold dips as Russia back off in Ukraine, U.S. steps up in Iraq

CommoditiesAug 08, 2014 02:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Gold inches lower as geopolitical concerns fade

Investing.com - Gold prices fell on Friday after reports that Russia was standing down on the border with Ukraine coupled with news that the U.S. has launched airstrikes in Iraq to halt a Sunni insurgency there chipped away at the yellow metal's safe-haven appeal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,310.70 a troy ounce during U.S. trading, down 0.14%, up from a session low of $1,307.60 and off a high of $1,324.10.

The December contract settled up 0.33% at $1,312.50 on Thursday.

Futures were likely to find support at $1,283.30 a troy ounce, Tuesday's low, and resistance at $1,325.90, the high from July 17.

Gold, a popular safe-haven hedge against geopolitical uncertainties, fell on news Russian military exercises on the Ukrainian border are over.

Reuters, citing Russia's Interfax, reported earlier that Russia had ended its military exercises near the Ukrainian border, while in the U.S., President Barack Obama gave the go-ahead for air strikes in Iraq to halt a Sunni insurgency to protect Iraqi civilians from the uprising as well as U.S. personnel in Iraq.

The Iraqi government requested assistance, and gold fell on perceptions that U.S. airstrikes could stabilize the country even if temporarily.

Still, gold didn't plummet as concerns tensions could flare anew in Ukraine, Gaza and Iraq in the near future kept some investors sticking with the safe-harbor asset class.

Meanwhile, silver for September delivery was down 0.26% at $19.938 a troy ounce, while copper futures for September delivery were up 0.09% at $3.179 a pound.

Gold dips as Russia back off in Ukraine, U.S. steps up in Iraq
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email