Gold ends with modest gains but silver drops
Bullion prices ended mixed on Monday, 10 March 2014. Gold prices ended the U.S. day session with modest gains supported on short covering by the shorter-term traders and on some bargain hunting. There may have been a bit of fresh safe-haven buying enter the gold market as news reports said more Russian troops were moving into Ukraine.
Gold for April delivery rose $3.30, or 0.2%, to settle at $1,341.40 an ounce Monday, after trading at a low of $1,327.50 earlier in the session.
May silver fell 1.8 cents, or 0.1%, to settle at $20.91 an ounce.
Regarding the situation in Ukraine, reports Monday said that additional Russian troops have been moved to the Crimea region of Ukraine. Russian president Putin did turn up the heat a bit over the weekend when he said he would back the Crimean region seceding from Ukraine.
There was downbeat economic data coming out of China over the weekend. Its exports fell by 18% in February, year-on-year, it was reported on Saturday. A 5% increase in exports was expected from the world's second-largest economy in February. China's trade deficit in February was $23 billion, compared to a $32 billion surplus in January. This surprising news put pressure on Asian and European stock markets, as well as the raw commodity sector, to start the trading week. The news also limited the upside in gold and silver markets.
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