13 June 2014 - Gold recovery continues as Iraq uncertainty grows |
| 13 June 2014 - Gold recovery continues as Iraq uncertainty grows Posted: 13 Jun 2014 03:26 AM PDT By Philip Whiterow June 12 2014, 3:38pm Gold continued its slow recovery as new uncertainties in Iraq and weakness in US equity markets sparked some buying interest. The spot price edged US$5 higher to US$1,266 as the dollar also came under pressure. US first-time dole claimants rose to 317,000, slightly ahead of expectations and again adding to a nagging doubt among traders that the US economy is not as rosy as it should be. Meanwhile, reports from Iraq were that Sunni Islamists militants were advancing on Baghdad after over-running Mosul in the biggest threat to security and oil supplies in the region since Saddam Hussein was overthrown. Fears of a resurgence in inflation in Europe following the European Central Bank's interest rate cut last week have also helped gold recover some ground. Platinum and its group metals have made more of the headlines over the past few days as palladium hit its highest for more than thirteen year in the wake of the prolonged strike in South Africa. Both metals fell sharply today on a Wall Street Journal report that a resolution of the dispute between the AMCU and the mine companies may be been agreed in principle. Platinum slumped US$43 to US$1,434 while palladium was US$38 lower at US$819. A new offer from the miners is being considered by the AMCU with the union expected to give its verdict by the end of the week. Supplies of both metals have started to run low due to the 20 week dispute, with palladium in particular heading for its largest demand/supply deficit for three decades. |
| You are subscribed to email updates from Home To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 Comment for "13 June 2014 - Gold recovery continues as Iraq uncertainty grows"