Gold drops as dollar climbs to five-week high, Brent soars
ecPulse
2014-07-22 11:35AM UTC
Gold slipped on Monday as stronger dollar dented the metal’s appeal as an alternative investment, ahead of U.S. inflation data. After posting its first weekly drop in seven last week, gold remains under pressure on stronger dollar, which climbed to a five-week high on expectations of faster monetary tightening by the Fed. Last week, Fed Chair Janet Yellen mentioned that interest rates could rise earlier than market anticipation if both inflation and labor market data showed remarkable progress. Data due later in the day may show U.S. CPI held at the fastest pace since October 2012 in June. CPI probably recorded 0.3 percent advance in June compared to 0.4 percent a month earlier. The dollar index, which tracks the green currency’s movements versus a basket of major currencies, soared to hit a high of 80.83, compared to the session’s low of 80.60. In Gaza, Israel continued its firing hitting 100 targets in Shujai`iya, following a bloody Sunday as Israel escalated its military assault resulting in the kill of at least 100 Palestinians, described by the Palestinian leadership as a “heinous massacre." On the other hand, Pro-Russian rebels handed two flight data recorders, known as black boxes, hours after the UN Security Council voted unanimously to have an immediate access to the crash site. EU foreign ministers will consider more sanctions against Russia when they meet in Brussels later in the day. Gold is currently trading around $1307.75 after touching a high of $1313.11 and a low of $1304.58. Brent crude oil rose for a second day to trade around $108.32 a barrel, before a report due tomorrow that may show U.S. crude inventories slipped to 372.2 million barrels in the week ended July 18. Crude oil for September’s delivery also climbed to touch a high of $103.35, compared with the session’s opening of $102.75.
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