Gold and crude consolidate ahead of tomorrow’s Fed meeting
ecPulse
2014-07-29 22:04PM UTC
Gold and crude prices narrow traded in New York ahead of tomorrow’s Fed meeting after that the gold plunged earlier today as U.S. and European equities advanced, curbing demand for the precious metal as an alternative asset and that oil fell to a two-week low on concern that the shutdown of a Kansas refinery will reduce crude demand. Otherwise on geopolitics, Investors were kind of spooked by the new round of sanction against Russia, which came on the heels of the crash of Malaysian jet over Ukraine, killing 298 people on board. The US and European Union leaders agreed on Monday to extend sanction on Russian business, defense and energy sectors. In Gaza, the fighting continued between the Palestinian militant group Hamas and Israeli defense Forces (IDF), one day after both parties announced a new 24-hour ceasefire on Monday. Also today the country’s consumer confidence, which is released on a monthly basis, assessing consumer sentiment regarding business conditions, employment and personal income rose to the highest level since October 2007. In fact the New York-based private research group revealed today that the Conference Board’s index of U.S. consumer confidence increased to 90.9 in July from 86.4 a month earlier; above the market projected reading of 85.5. Accordingly the gold is so far trading around $1298.80 an ounce recording a high of $1312.00 ounce and a low of $1295.95 an ounce and crude is trading around $101.00 a barrel recording a high of $101.80 a barrel and a low of $100.38 a barrel.
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