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Gold rises on Gaza, Ukraine turmoil

CommoditiesJul 21, 2014 09:58AM ET
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Gold edges higher on Gaza, Ukraine tension

Investing.com - Gold moved higher on Monday, as geopolitical jitters in Ukraine and the Gaza Strip lured investors into safe haven assets.

On the Comex division of the New York Mercantile Exchange, gold for August delivery tacked on 0.39%, or $5.10, to trade at $1,314.50 a troy ounce during U.S. morning hours. Prices held in a tight range between $1,308.00 and $1,319.00.

Gold ended Friday’s session down 0.57%, or $7.50, to settle at $1,309.40 an ounce. Futures were likely to find support at $1,293.50, the low from July 16 and resistance at $1,325.90, the high from July 17.

Also on the Comex, silver for September delivery inched up 0.61%, or 12.7 cents, to trade at $21.01 a troy ounce.

Gold benefitted from Israel's intensifying ground offensive into Gaza against Hamas militants, who have fired hundreds of rockets into Israel over the past two weeks.

The Palestinian Health Ministry said Monday that the Palestinian death toll in the two-week-old Israeli offensive rose by more than 80 during the night and now exceeds 500.

Despite heavy casualties, Israeli Prime Minister Benjamin Netanyahu warned on Sunday that military operations against Hamas militants could be expanded.

Meanwhile, investors remained cautious following the shooting down of a Malaysian airliner in eastern Ukraine late last week, with the U.S. blaming pro-Russian separatists for the act.

U.S. Secretary of State John Kerry said Sunday that there was overwhelming evidence of Russian complicity in the downing of the airliner. Russia and Ukraine still accuse each other of being behind the downed passenger plane.

Western leaders from the U.K., France and Germany have warned Russian President Vladimir Putin of increased sanctions by Tuesday if international investigators are not allowed full access to the crash site.

Gold is often seen as a haven investment in times of geopolitical uncertainty.

Elsewhere in metals trading, copper for September delivery advanced 0.56%, or 1.8 cents, to trade at $3.202 a pound.

Gold rises on Gaza, Ukraine turmoil
 

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