14:00 21-09-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Gold prices drop to 16-week low

Bishkek (AKIpress) - c5a3614db484f9ca0bc6a7deb0e20804 Gold prices sank to their lowest level in 16 weeks as worries about political friction in Eastern Europe subsided and amid signs that the U.S. economy continues to recover from a winter slowdown, The Wall Street Journal said.

The most actively traded contract, gold for August delivery, fell $2.60, or 0.2%, to settle at $1,257.10 a troy ounce on the Comex division of the New York Mercantile Exchange. This was the lowest settlement level since Feb. 4.

Gold has hovered around $1,300 for much of the past month, as the simmering conflict between Russia and Ukraine stoked investor appetite for the haven asset. Some investors believe gold holds its value better than other assets during geopolitical upheaval because it doesn't have links to governments or countries.

But investor interest the precious metal has been waning in the wake of the weekend presidential election in Ukraine, as hopes that the new leadership could help resolve the monthslong conflict between Moscow and Kiev curbed demand for gold.

Despite continued outbursts of violence in Eastern Ukraine, worries about the region are getting pushed to the back-burner, said Bob Haberkorn, a senior commodities broker with RJO Futures in Chicago.

"Traders aren't looking at Ukraine as much as they were over the past month and a half," Mr. Haberkorn said.

Gold prices also faced pressure from upbeat U.S. economic data. U.S. jobless claims fell by 27,000 last week to a seasonally adjusted 300,000, beating forecasts of a decline to 319,000.

The report pointed to recovery in the U.S. labor market and revived speculation that the Federal Reserve will wind down its stimulus program before year-end, brokers said.

Gold had benefited from the Fed's efforts to spur growth, as many feared the program would also raise inflation and weaken the dollar. But fears that the Fed would end its stimulus efforts have been a burden for the gold market, leading prices to drop 28% in 2013 as many investors shed their bullion holdings in anticipation.


Twitterfacebookprint
16:46 30.05.2014
LATEST NEWS
17:01 Prosecutors General of CIS members to gather in Dushanbe16:23 Turkish hostages freed from IS16:07 Kyrgyzstani youth attend peacebuilding trainings in Georgia and Armenia15:49 Tatarstan ready to participate in construction of oil refinery in Kazakhstan - Vice PM15:28 Government approves Kyrgyz-Russian Development Fund agreement14:46 Presidents of Kazakhstan, Tatarstan hold talks14:20 Some Naryn residents oppose vaccination of their kids claiming it contradicts to their religious beliefs14:08 Aga Khan Museum revealed in Toronto13:31 24 commercial banks operate in banking system of Kyrgyzstan as of July 113:06 Kyrgyzstan's joining Customs Union tests businessmen's strength - Atambayev12:42 Russian Space Agency to lauch Proton-M rocket carrier from Baikonur in September12:28 Tajik PM off for UN General Assembly in New York12:27 Problem with foul odor coming from Zhongda oil refinery needs to be solved – First Vice PM12:15 North Korea says imprisoned American tried to become 'second Snowden'11:53 Central Bank registers 327 exchange offices in Kyrgyzstan as of July 3111:41 French jets strike in Iraq, expanding U.S.-led campaign against Islamic State11:35 Central Bank sets 50mln-som minimum authorized capital requirement for newly emerging microfinance institutions11:14 Upcoming autumn-winter period tough – Vice PM Dil10:54 Vice PM Sarpashev urges Chui government to hold talks with Gazprom on gas supplies to major consumers at wholesale prices10:34 Government orders China’s TBEA to prepare feasibility study for construction of Karakeche TPP
Astana
+14° C
Ashgabat
+29° C
Bishkek
+20° C
Dushanbe
+26° C
Tashkent
+26° C
exchange rates
 
69.76
54.18
8.82
1.41
234.13
181.95
29.63
4.73
6.40
5.00
0.81
0.13
3117.21
2359.56
384.37
62.66
3.66
2.85
0.46
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75