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Thursday, July 17, 2014

Mixed finish for bullions

Hold ends marginally higher for first time in four days 


it was mixed finish for bullions on Wednesday, 16 July 2014. Gold prices inched fractionally higher on Wednesday, getting back on track after a three-day skid yet staying below the key level of $1,300 an ounce. The economic highlight of the trading week was testimony on U.S. monetary policy from Federal Reserve Chair Janet Yellen before the U.S. Congress on Tuesday and Wednesday. Yellen's remarks to the U.S. House on Wednesday elicited little market reaction. 

Gold for August delivery rose $2.70, or 0.2%, to settle at $1,299.80 an ounce. 

September silver gave up 12 cents to finish at $20.77 an ounce. 

The somewhat surprising lack of concern in the market place regarding geopolitics has prompted better risk appetite in the market place this week. Tensions are rising on the Gaza strip as Israel prepares to bomb Hamas targets in that region and possibly send in ground troops. European Union sovereign debt concerns, which last week resurfaced after a bank in Portugal was reported in serious trouble, are this week being ignored by traders and investors. 

There was upbeat economic news coming from China on Wednesday. The world's second-largest economy had a slightly better-than-expected second-quarter GDP growth rate of 7.5%, year-on-year. A 7.4% growth reading was expected. Asian stock markets were supported on the China GDP data on Wednesday. This news is a bullish underlying development for the raw commodity markets. 

U.S. corporate earnings reports are also be featured this week. So far, major companies' earnings have been mostly upbeat.
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