Gold tarnishes but silver shines
It was a mixed finish for bullion metals on Tuesday, 06 May 2014. Gold prices ended the U.S. day session modestly lower after a two-session climb, but stayed near a three-week high as flare-ups in Ukraine and uncertainty in the U.S. equities market combined to provide support to the precious metal. Silver gained.
Gold for June delivery fell 70 cents, or 0.1%, to settle at $1,308.60 an ounce on the Comex division of the New York Mercantile Exchange.
July silver tacked on 7 cents, or 0.4%, to $19.645 an ounce.
The Euro currency rose to a nearly two-month high against the flagging U.S. dollar on Tuesday following some positive economic reports coming out of the European Union. The Markit purchasing managers index (PMI) rose to 54.0 in April from 53.1 in March. A reading above 50.0 suggests expansion in the sector. Spain and Italy showed very upbeat PMI numbers. Meantime, EU retail sales rose 0.3% in the latest month. However, EU data once again showed businesses' selling prices dropped for the 25th straight month. T
The Russia-Ukraine tensions are still high, although there were no major developments on Tuesday.
The sole U.S. economic report on Tuesday covered the trade deficit, which narrowed in March to $40.4 billion, slightly above the consensus of $40 billion.
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