Gold settles with minor loss but silver climbs up
Bullion metals ended mixed on Wednesday, 27 August 2014 at Comex. Gold finished slightly lower on Wednesday as the focus remained on stocks in the wake of the S&P 500's first-ever close above 2,000.
Gold for December delivery settled down $1.80, or 0.1%, at $1,283.40 an ounce on the Comex division of the New York Mercantile Exchange.
September silver finished up nearly 2 cents, or 0.1%, at just below $19.41 an ounce.
A day earlier, another leg up for equity markets didn't stop gold from gaining ground, even after a stronger dollar brought prices down near two-month lows. The latest batch of upbeat economic data showed better-than-expected consumer confidence, although the report on durable-goods orders was more mixed.
The market place was again subdued on Wednesday, with no major worldwide economic data released and with no major headline news developments. Lackluster markets activity could persist the rest of this week, ahead of the unofficial end of summer that comes with the approaching U.S. Labor Day holiday weekend.
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European bond yields continued to edge lower Wednesday, with the key German 10-year bund hitting a record low yield of 0.92%. French, Italian and Spanish bond yields also fell to record lows on Wednesday. Weak economic data coming out of the European Union this week, combined with the recent dovish comments from European Central Bank president Mario Draghi, suggest quantitative easing of EU monetary policy is coming from the ECB soon.
On the geopolitics front, reports Wednesday said talks between Russia and Ukraine have so far failed to produce any significant results. The ISIS fighters in Iqraq and Syria continue to gain power and that's also worrisome for the market place. This is also a bullish factor for the gold market.
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