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Gold keeps rising on tensions in Ukraine, Iraq

English.news.cn   2014-07-02 06:36:10

CHICAGO, July 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange on Tuesday closed at the highest level since April 14 on tensions in Ukraine and Iraq.

The most active gold contract for August delivery rose 4.6 dollars, or 0.35 percent, to settle at 1,326.6 dollars per ounce.

In Ukraine, fighting has intensified after Ukraine President Petro Poroshenko declared an end to a 10-day unilateral cease-fire that had failed to stop the violence in the region; in Iraq, the new parliament failed to give Nouri al-Maliki another term as prime minister. Worse off was that Israeli warplanes carried out airstrikes in Gaza Tuesday in revenge for the deaths of three teens, adding to market worries over the tensions in the Middle East.

However, positive economic figures curbed gold's growth somehow. The Institute for Supply Management reported Tuesday that though its manufacturing index dipped to 55.3 percent in June from 55.4 percent in May, its new-orders index climbed 2 points to 58.9 percent from 56.9 percent. A rally in U.S. equities also drew some investors away from gold.

It is reported that gold holding by the largest gold exchange- traded fund, the SPDR Gold Trust, saw the largest increase in five weeks, rising to 25.4 million ounces Monday from 25.2 million ounces last Friday.

Silver for September delivery rose 6 cents, or 0.3 percent, to close at 21.12 dollars per ounce. Platinum for October delivery gained 32.1 dollars, or 2.2 percent, to close at 1,515 dollars per ounce.

Editor: Mu Xuequan
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