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Gold trades below $1,300 as traders look past Gaza, Ukraine worries

CommoditiesJul 24, 2014 04:10AM ET
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Gold falls below $1,300 amid lack of fresh cues

Investing.com - Gold futures fell below the key $1,300-level on Thursday, as investors shrugged off geopolitical concerns in eastern Ukraine and the Gaza strip.

On the Comex division of the New York Mercantile Exchange, gold for August delivery fell to a session low of $1,295.30 a troy ounce, the weakest level since July 16, before trimming losses to last trade at $1,298.60 during European morning hours, down 0.47%, or $6.10.

Gold ended Wednesday’s session down 0.12%, or $1.60, to settle at $1,304.70 an ounce. Futures were likely to find support at $1,293.50, the low from July 16 and resistance at $1,311.80, the high from July 23.

Also on the Comex, silver for September delivery declined 0.56%, or 11.8 cents, to trade at $20.87 a troy ounce.

U.S. Secretary of State John Kerry said Wednesday that efforts to secure a truce between Israel and Hamas had made some progress.

Meanwhile, tension in Ukraine eased after pro-Russian rebels handed the flight recorders and victims' remains from a downed Malaysian airliner to international authorities on Wednesday.

Later in the day, the U.S. was to produce data on unemployment claims, manufacturing activity and new home sales, amid ongoing speculation over when the Federal Reserve may start to raise interest rates.

Elsewhere in metals trading, copper for September delivery rallied 1.05%, or 3.4 cents, to trade at $3.241 a pound, as investors cheered better than expected manufacturing data out of China, the world’s largest consumer of the red metal.

Data released earlier showed that China’s HSBC Flash Purchasing Managers Index rose to an 18-month high of 52.0 in July from a final reading of 50.7 in June. Analysts had expected the index to rise to 51.0 this month.

Copper traders consider shifts in the HSBC PMI an indicator of China's copper demand, as the industrial metal is widely used by the sector.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Gold trades below $1,300 as traders look past Gaza, Ukraine worries
 

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