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| Commodity News |
| HeadLine : |
Gold prices hold flat in Asia with focus on Russia sanctions |
| Date : |
Sep 2 2014 |
Gold prices held flat in Asia on Tuesday with Russia in focus, but overall thin tade with U.S. markets shut for a holiday overnight.
Gold for December delivery traded at $1,287.50 a troy ounce, up 0.01%, after ending last week at $1,288.20 a troy ounce on the Comex division of the New York Mercantile Exchange.
U.S. officials are working closely with the European Union to keep their Russia sanctions programs aligned in timing and severity.
Overnight, the Russian ruble hit a fresh record low against the dollar as U.S. officials are working closely with the European Union to keep their Russia sanctions programs aligned in timing and severity.
On Saturday, European Union leaders agreed to draw up options within a week for possible new sanctions against Russia, with action to follow quickly unless Moscow takes clear steps to scale back its intervention in Ukraine. Reports have emerged that hundreds of Russian soldiers have entered Ukraine.
European Council President Herman Van Rompuy said the bloc wouldn't set out specific criteria for triggering fresh sanctions but said there was "determination" to ensure Russia paid an appropriate price for heightening tensions.
Monetary policy announcements by central banks in Australia, Japan, Canada and the U.K. will also be awaited.
Last week, gold prices hit $1,297.60 an ounce, their highest level since Aug. 20 on Thursday after Ukraine’s president said Russian troops had entered the conflict in eastern Ukraine to support pro-Russian separatists there.
Silver for September delivery rose 0.01% to $19.493 a troy ounce. Copper for September delivery fell 0.07% to $3.150 a pound.
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