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Wednesday, July 23, 2014

Gold prices end lower

Silver witnesses flat finish 


Gold prices ended the U.S. day session moderately lower Tuesday, 22 July 2014 on some profit-taking. Gold prices declined on Tuesday amid what's shaping up to be a decent earnings season, dampening safe-haven demand that had emerged on the back of developments in Ukraine and the Gaza Strip. 

Gold for August delivery shed $7.60 to settle at $1,306.30 an ounce. 

September silver closed flat at $21 an ounce. 

A firmer U.S. dollar index on Tuesday, in which prices hit a five-week high, was also bearish for the precious metals markets. There was a bit more investor and trader risk appetite in the market place Tuesday, as U.S. and some other major world stock indexes traded higher. However, geopolitics remains on the front burner of the market place. Tensions in Israel and Ukraine remain high. 

It was a busier day for U.S. economic data Tuesday. Data out included the weekly Johnson Redbook and Goldman Sachs retail sales reports, the consumer price index, real earnings, the monthly U.S. house price index, existing home sales and the Richmond Fed business survey. The consumer price index was the most important report on Tuesday. However, that reading came in as expected—up 0.3% in June—and the markets saw no significant price reactions.
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