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Gold up on technical selling

English.news.cn   2014-06-28 03:53:51

CHICAGO, June 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday for technical reasons.

The most active gold contract for August delivery rose 3 U.S. dollars, or 0.23 percent, to settle at 1,320 dollars per ounce. Gold ended the week with a gain of 0.3 percent, and has so far risen for four weeks in a row.

For most of the week, gold has been digesting the gains it has made after Federal Reserve Chair Janet Yellen's dovish comments on June 18.

Reports that the European Union and several countries that border Russia signed high-impact trade and political deals were supportive of gold, as market analysts believe it may provoke fresh tensions with Russia.

Nevertheless, gold's rise Friday was marginally curbed by a report showing that the overall sentiment gauge from the University of Michigan and Thomson Reuters rose to a final reading of 82.5 in June from a final May level of 81.9, slightly better than economist expectations.

Technically, gold will encounter heavy resistance between 1,320 to 1,350 dollars, market analysts believe.

Silver for September delivery lost 2.8 cents, or 0.13 percent, to close at 21.134 dollars per ounce. Platinum for October delivery gained 9 dollars, or 0.61 percent, to close at 1,480.3 dollars per ounce.

Editor: yan
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