Gold holds above $1,300
Duncan Richardson, News Editor
22 Jul 2014, 10:20 a.m.
The gold price stabilised overnight above $1,300 per ounce as continuing violence in the Ukraine and Gaza provided support.
Despite calls from the international community to halt the fighting, Israeli continued its ground offence. The Israeli forces bombarded the coast region of Gaza killing 28 members of the same family in one strike alone. As the violence enters the second week the total Palestinian death toll stands at more than 500.
Western governments are threatening Russia with economic sanctions for backing of the pro-Russian fighters who, their evidence suggests, downed the Malaysian Airline MH17.
In a measure of investor sentiment, the world’s largest gold exchange traded fund, the SPDR Gold trust, confirmed that holdings fell 0.2% to 803.34 metric tonnes on Monday.
Silver is currently trading at $20.88 per ounce, palladium $868 per ounce and platinum $1,486.50 per ounce.
Traders are now looking to the latest data release from the Federal Reserve for an indication of the health of the world’s largest economy and future monetary policy.