Gold stays above $1,300 level
Bullion prices ended higher on Friday, 20 June 2014. Gold futures inched up on Friday, holding above the $1,300 level amid ongoing violence in Iraq and the likelihood of steady U.S. interest rates for a while.
Gold for August delivery added $2.50, or 0.2%, to settle at $1,316.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal gained 3.3% for the week, with a big jump coming Thursday, when gold pushed above the $1,300 level to a two-month high.
July silver added 30 cents, or 1.5%, to settle at $20.95 an ounce.
Gold prices have benefited in recent times. In the background, the unwind of China's commodity financing deals may be helping to boost the price of gold as Chinese speculators sell their physical gold and at the same time buy back their hedges in the futures market, from the low-interest environment that has made alternative assets more attractive in comparison.
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