Gold registers biggest one day of 2014
Bullion prices registered steep plunge on Monday, 14 July 2014 at Comex. Gold prices ended the U.S. day session sharply lower on Monday, pressured by heavy profit taking. Gold futures saw their biggest daily drop of 2014 Monday as solid gains for stocks and lackluster physical demand for the precious metal prompted investors to book profits on recent gains.
August gold futures plunged $30.70, or 2.3%, to $1,306.70 an ounce, marking the biggest one-day drop for a nearby futures contract since December.
September silver fell more than 54.7 cents, or 2.6%, to $20.91 an ounce.
The lack of fresh concerns about the geopolitical front also led to better risk appetite in the market place on Monday, at the expense of safe-haven gold. However, four situations remain simmering on low heat on the back burner of the market place: the European Union sovereign debt crisis, the Iraqi civil war, the latest flare-up between Israel and Hamas, and the Russia-Ukraine tensions.
The highlight of the trading week is likely to be testimony on U.S. monetary policy from Federal Reserve Chair Janet Yellen before the U.S. Congress on Tuesday and Wednesday. Also of note, bank and tech earnings will color equity trading throughout the week.
There was no major U.S. economic data due for release on Monday.
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