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Gold holds above $1,300

Monday, July 21 08:51:52

Gold steadied above the $1,300 an ounce support level on Monday, aided by anticipation of increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine. Spot gold was little changed at $1,311.00 an ounce by0621 GMT, after dropping 0.5 percent on Friday. Trading volumes were thin as Japanese markets were closed.

The metal jumped 1.4 percent on Thursday when news of the downed Malaysian plane that killed 298 people on board first came to light. But investors quickly banked profits the following day, causing bullion to fall 2 percent for the week, its first weekly drop in seven.

In a measure of investor sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.8 tonnes to 805.14 tonnes on Friday. Among other precious metals, palladium was trading near its highest since 2001 on possible supply worries that could emanate from stricter sanctions on the top producer of the metal, Russia. (Reuters)

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