Gold logs its highest settlement in about 11 weeks
Bullion metals ended moderately higher on Tuesday, 01 July 2014 at Comex. Gold futures on Tuesday logged their highest settlement in about 11 weeks, as clashes in eastern Ukraine and the Middle East boosted safe-haven demand for the precious metal.
Gold for August delivery rose $4.60, or 0.4%, to settle at $1,326.60 an ounce on the Comex division of the New York Mercantile Exchange. On Monday, the yellow metal edged up on the day and ended with a 6.1% gain for June.
September silver rose 6 cents, or 0.3%, to $21.12 an ounce.
Important economic data from China on Tuesday was upbeat and in line with market expectations. The China purchasing managers index (PMI) came in at 51.0 in June from 50.8 in May. The HSBC June PMI came in at 50.7 from 49.4 in May. A number above 50.0 suggests expansion.
Meantime, the European Union's manufacturing PMI came in at 51.8 in June versus 52.2 in May. The reading was expected by traders and investors to come in at 51.9 in June.
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It's a holiday-shortened trading week in the U.S., what with the Independence Day holiday on Friday. The key U.S. jobs report is issued a day early this month, on Thursday. This report is arguably the most important U.S. economic data of the month. Also on Thursday will be the monthly monetary policy meeting of the European Central Bank. It will be an extra important trading day on Thursday.
Economic data at Wall Street on Tuesday was limited to May Construction Spending and June ISM. Construction spending increased 0.1% in May following an upwardly revised 0.8% (from 0.2%) gain in April. The consensus expected construction spending to increase 0.4%. Private construction spending fell 0.3% in May, giving back nearly all of the 0.3% increase from April. Total public construction spending increased 1.0% in May after increasing 2.1%. The ISM Manufacturing Index fell slightly to 55.3 in June from 55.4, while the consensus expected the Index to increase to 55.8.
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