Heightened geopolitical tensions keep a safe-haven bid in the market
Bullion prices ended higher on Monday, 21 July 2014 at Comex. Gold prices ended the U.S. day session modestly higher Monday as heightened geopolitical tensions keep a safe-haven bid in the market.
Gold for August delivery rose $4.50, or 0.3%, to settle at $1,313.90 an ounce.
September silver tacked on 12 cents, or nearly 0.6%, to end at $21.01 an ounce.
Geopolitics remained on the front burner of the market place to start this week. Last week's downing of a Malaysian airliner on the Russia-Ukraine border and Israel's ground offensive against Hamas on the Gaza strip are the dominant fundamentals in the markets on Monday morning.
Gold, U.S. Treasuries and the U.S. dollar are safe-haven assets that have seen support from the heightened world tensions. U.S. economic data due for release on Monday was light and included the Chicago Fed national activity index. The data was not a markets-mover.
Meanwhile, Bank of America Merrill Lynch analysts said the worst may be over for gold. In addition, hedge funds cut their bullish gold bets for the first time in six weeks citing U.S. Commodity Futures Trading Commission data.
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