Gold slips but silver climbs up
Bullion prices witnessed mixed finish on Tuesday, 29 July 2014. Gold prices retreated on Tuesday to settle below $1,300 as better-than-expected U.S. economic data bolstered expectations of a tighter monetary policy from the Federal Reserve.
Gold for August delivery dropped $5, or 0.4%, to $1,298.30 an ounce.
September silver fared better, edging up 2 cents, or 0.1%, to $20.58 an ounce.
The Conference Borad announced that consumer confidence index climbed to 90.9 in July from 86.4 in June, marking the highest level since October 2007. Market had expected the index to slip to 85.0.
There were geopolitical rumblings impacting trading on Tuesday. The European Union and U.S. are slapping new sanctions on Russia. Meantime, the Israel-Hamas conflict appears not to be de-escalating. These matters helped to pressure world stock markets overnight. Meantime, U.S. Treasury bond prices posted a contract high and the U.S. dollar index hit a 5.5-month high on Tuesday.
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The market place is also focused on the big slate of U.S. economic data on tap this week. The headliners include the Federal Reserve's Open Market Committee (FOMC) meeting on Tuesday and Wednesday, and the key U.S. employment report on Friday. The U.S. second-quarter GDP report is also out on Wednesday. It's likely the aforementioned reports will have a significant price impact on many markets, in the immediate aftermath of their release times.
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