Gold eased in Asian market, but supported by Ukraine events

The prices of gold lowered in the early Asia on Monday, but was supported by the events in Ukraine, where pro-Russian separatists in eastern Ukraine remained seemed to be on course to declare victory in a referendum on Sunday that Kiev and West say that it is unlawful and deeply flawed.

Gold eased in Asian market, but supported by Ukraine events

Voting closes tensions between the Kremlin, which can recognize the vote, and the nascent government in Kiev, who is struggling to back control of the two provinces said that Moscow becoming unstable by supporting the rebels.

On the Comex in the NYMEX division, gold for delivery in June was quoted at $ 1,283.70 a troy ounce, down 0.30%, after closing last week at $ 1287.60.

Last week, Gold futures were ended moderately lower, as a U.S. dollar generally stronger wetted the appeal of the precious metal.

The U.S. dollar recovered to a one-month high versus the euro on Friday, extending strong gains in the previous session after the European Central Bank said it could ease monetary policy as early as next month.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six major currencies, rose 0.57% on Friday to finish the week at 79.92, the highest since April 30.

A stronger U.S. dollar normally weigh on gold because it cushioning the metal’s appeal as a safe heaven asset and urges commodities denominated in dollars for those holding other currencies.

Gold, seen as a safe haven investment, usually benefiting from the geopolitical tensions.
For the week, the Comex gold stepped back 1.17%, or $ 15.30 an ounce. Gold tumbled to $ 1284.80 an ounce on Thursday, the lowest rate since May 2, after optimistic comments on the economy by the Federal Reserve President Janet Yellen.

Within the next week, investors will be seeking to data in the U.S. on retail sales, in consumer prices and consumer sentiment for more appreciation of the economic strength and the need for stimulus.

 

By Investing.com

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