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Gold rises on instability in Iraq

English.news.cn   2014-06-17 05:12:57

CHICAGO, June 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Monday on instability in Iraq.

The most active gold contract for August delivery rose 1.2 U.S. dollars, or 0.09 percent, to settle at 1,275.3 dollars per ounce.

Increasing violence in Iraq increased gold's safe-haven appeal, but the gains were dragged down slightly by better-than-expected U. S. economic data.

The Federal Reserve said Monday U.S. industrial production increased 0.6 percent in May, better than originally estimated. Meanwhile, a report from New York Fed showed that the "Empire State" general business conditions index that measures manufacturing activity in the New York region unexpectedly rose to 19.3 in June from 19.0 in May.

Moreover, the National Association of Home Builders in conjunction with Wells Fargo said home builders' overall confidence rose 4 points to 49 in June, the highest level in five months.

Investors are also waiting for Fed's decision on interest rates on Wednesday, which could prove a pivotal moment for gold.

Gold has traded between 1,270 dollars and 1,285 dollars recently.

Silver for July delivery gained 6 cents, or 0.31 percent, to close at 19.715 dollars per ounce. Platinum for July delivery climbed 4.1 dollars, or 0.29 percent, to close at 1,439.1 dollars per ounce.

Editor: An
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