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Gold prices at same level

Tuesday, July 29 09:09:29

Gold was little changed just above $1,300 an ounce on Tuesday, supported by geopolitical tensions in the Middle East and Ukraine, with investors also focusing on U.S. jobs data and a Federal Reserve policy meeting this week.

The Fed kicks off its two-day meeting later on Tuesday, with markets watching for clues as to when the U.S. central bank will begin increasing interest rates. The Fed will make a statement on Wednesday at the end of the meeting. Spot gold was flat at $1,303.70 an ounce at 0619 GMT, after slipping 0.3 percent in the previous session. U.S. gold was up almost $1 at $1,303.90. Important economic data out this week includes U.S. non-farm payrolls and U.S. gross domestic product. Indications of a strong economic recovery could prompt the Fed to raise rates sooner than expected. Higher rates would encourage investors to withdraw money from non- interest-bearing assets such as gold.

Bullion, seen as a safe-haven asset, has benefited from tensions between the West and Russia. U.S. and European leaders agreed on Monday to impose wider sanctions on Russia's financial, defense and energy sectors.

In the physical markets, demand was subdued as buyers were waiting on the sidelines for a possible drop in prices. Premiums in top buyer China were steady at about $2-$3 an ounce. (Reuters)

For more visit: www.businessworld.ie