Gold futures settles above $1,300 on Russia- The West tensions
ecPulse
2014-07-25 19:35PM UTC
Gold futures edged higher on Friday, rebounding from a 5-week low hit in the previous session, as increased tensions between Russia and the West triggered speculators to reverse their bets ahead of the weekend. However, the metal is set for a 1% drop for the week, its second straight decline, with gold’s safe-haven appeal dented by a recent run of strong economic data in the U.S. The rise came as Reuters reported that the European Union had reached a preliminary agreement on tougher economic sanctions against Russia after the downing of a Malaysian jetliner in eastern Ukraine last week. Details of the penalties have not been released, although sources told the news wire that European Council leader Herman van Rompuy had said any restrictions agreed on Russian access to sensitive technology should only include the oil sector, and exclude gas. Russia said on Friday the United States was trying to influence international opinion through unfounded insinuations and anti-Russian rhetoric over the crisis in Ukraine, while the Pentagon said the transfer of rocket systems from Russia to Ukrainian separatists appeared to be imminent. Gold futures for August delivery on the Comex ended up $12.50 at $ 1,303.30 per ounce. Spot gold was last up 0.69% or $8.86 at $ 1299.68 an ounce. As of 03:32 p.m. ET Note that the August Gold contract expires on Monday and the Federal Reserve begins a two day FOMC meeting with a policy announcement to follow next Tuesday and Wednesday. Although the market may continue falling, no major moves are expected until the Fed speaks next week. While the market isn`t anticipating anything out of the ordinary from Janet Yellen and the voting members of the FOMC, markets may await a confirmation before resuming any trends in the market.
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