Gold ends moderately higher but silver slips
Bullion prices ended mixed at Comex on Tuesday, 11 March 2014. Gold prices ended the U.S. day session moderately higher Tuesday, on some more safe-haven demand that surfaced amid the simmering geopolitical situation in Ukraine. Gold futures on Tuesday settled near $1,350 an ounce, scoring a second-consecutive session gain as worries over Ukraine and concerns surrounding a slowdown in Chinese economic growth lifted the metal's safe-haven appeal for investors.
Gold for April delivery rose $5.20, or 0.4%, to settle at $1,346.70 an ounce on the Comex division of the New York Mercantile Exchange after earlier touching a high of $1,353.
May silver shed 9.5 cents, or 0.5%, to $20.815 an ounce after a minor loss in the previous session.
The Ukraine matter is still a worry among traders and investors and has moved closer to the front burner of the market place. The Russian occupation of Crimea is a bullish factor for the safe-haven gold market.
U.S. economic data released Tuesday was on the light side and failed to move the markets. Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The consensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%.
Traders are looking ahead to next week's meeting of the U.S. Federal Reserve's Open Market Committee (FOMC).
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