Gold trades near three-week high on simmering tensions in Iraq . . . . . . . . . . . . Precious-Gold traded near its highest level in three weeks on Monday as the escalating tensions in Iraq spurred haven demand on the metal. “Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday after heavy fighting, solidifying their grip on the north after a lightning offensive that threatens to dismember Iraq,” Reuters said. Like the unrest in Ukraine, gold is now benefiting from the tensions in the oil-rich Iraq amid the current ethnic war. The metal rose for a fourth straight session after recording 1.92 percent gain last week, as it built support at $1240 to trade slightly below resistance at $1286.22, which represents Daily SMA 200 level. Gold is currently trading around $1281.90 an ounce after hitting a high of $1284.72 and a low of $1276.34. In the U.S., eyes will focus on the FOMC monetary decision due on June 18, which will be followed by a press conference by Fed’s Chairwoman Janet Yellen. Today, a report may show that U.S. empire manufacturing retreated to 15.0 in June from 19.01 in May. Investors will keep their attention on U.S. data on expectations the Fed would continue with its stimulus reduction. The U.S. dollar surged versus a basket of major currencies to hover around 80.68, after touching a peak of 80.70. Crude oil for July’s delivery edged up to trade around $107.29 a barrel from the session’s opening of $106.87. Oil prices extended its gains after posting sharp gains the previous week amid the undergoing tensions in OPEC’s second-biggest producer. #egyptyard
Posted on: Mon, 16 Jun 2014 07:57:17 +0000
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