Gold prices rose on Monday on demand from investors seeking safe harbor from geopolitical tensions in Ukraine and in Gaza, especially after the U.S. put pressure on Russia to disclose what it knows about the downing of a Malaysian Airlines plane last week.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,314.60 a troy ounce during U.S. trading, up 0.40%, up from a session low of $1,308.00 and off a high of $1,319.00.
The August contract settled down 0.57% at $1,309.40 on Friday.Futures were likely to find support at $1,292.60 a troy ounce, last Tuesday's low, and resistance at $1,325.90, last Thursday's high.Concerns that tensions in Ukraine could escalate even further kept investors camped out in safe-haven positions on Monday, gold especially, amid reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.
Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.
President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose evidence.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,314.60 a troy ounce during U.S. trading, up 0.40%, up from a session low of $1,308.00 and off a high of $1,319.00.
The August contract settled down 0.57% at $1,309.40 on Friday.Futures were likely to find support at $1,292.60 a troy ounce, last Tuesday's low, and resistance at $1,325.90, last Thursday's high.Concerns that tensions in Ukraine could escalate even further kept investors camped out in safe-haven positions on Monday, gold especially, amid reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.
Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.
President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose evidence.
http://www.investing.com/news/commodities-news/gold-gains-as-a-investors-seek-safe-harbor-from-geopolitical-woes-296518
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