Gold ticks up on Ukraine tensions, China manufacturing drop
ecPulse
2014-09-01 07:36AM UTC
Precious-Gold inched up on Monday trading as escalating tensions between Ukraine and Russia spurred some haven demand on the metal. The European Union have gave Russia a week to change its course in Ukraine otherwise it would face a fresh new round of sanctions. The Eu-28 leaders had agreed to take "further significant steps" if Moscow did not back down, EU president Herman Van Rompuy said. Russian President Vladimir Putin has called Kiev to open negotiations on "statehood" for the south-east regions of Ukraine. A report released today showed that China PMI manufacturing eased expansion more than forecasts to record 51.1 in August from 51.7 a month earlier. The weak data has raised concerns regarding global growth amid the slowdown in the key manufacturing sector in the world’s second biggest economy. Last week, the yellow metal closed on a gain taking advantage of the worries in Ukraine and expectations of seeing QE measures by the ECB this week. Gold is currently trading around $1288.44 an ounce after hitting a high of $1288.46 and a low of $1284.47. The yellow metal found support at $1284, which represents Daily SMA 200, yet still trades below the physiological level of $1300. The U.S. dollar inched down versus a basket of major currencies to hover around 82.75, after touching a new high of 82.82. Crude oil for October’s delivery retreated to trade around $95.63 a barrel from the session’s opening of $95.81.
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