Gold drops below $1,300 as strong U.S. data offsets Ukraine worries
Victoria Hewitt-Marsh, News Editor
29 Apr 2014, 10:36 a.m.
Gold fell below $1,300, as positive U.S. housing data offset heightened geopolitical tension in the Ukraine.
Gold dropped as U.S. data confirmed contracts to buy previously owned homes increased in March, the first time in nine months. Tensions in the Ukraine remain high following the United States decision to impose new sanctions on allies of President Putin.
Traders are now looking to the release of Fridays U.S employment data for further information as to the state of the world’s largest economy.
Gold is currently trading at $1,290.38 per ounce and silver at $19.40 per ounce.