Commodity News
HeadLine : Gold prices dip in Asia, but global tensions offer support
Date : Jul 24 2014

Gold prices dipped slightly in Asia on Thursday, but remained well supported on global tensions.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,305.10 a troy ounce, down 0.03%, after hitting an overnight session low of $1,303.60 and off a high of $1,311.60.

Upbeat data released in the U.S. on Tuesday and a slew of better-than-expected earnings enticed investors out of gold and into equities on Wednesday.

The Labor Department reported Tuesday that the U.S. consumer price index rose 2.1% in June, unchanged from the previous month and in line with forecasts.

Reports of waning physical demand pushed gold prices lower, though ongoing geopolitical concerns in Ukraine and Israel kept safe-harbor demand alive, which cushioned losses.

Silver for September delivery was down 0.01% at $20.965 a troy ounce.

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