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Wednesday, 23 April 2014

Gold Rises From 10 Week Low as U.S. Home Sales Spur Haven Demand

BESTPROFIT FUTURES (24/04) - Gold futures rebounded from a 10-week low as falling U.S. home sales triggered concern that the economy still faces challenges, boosting demand for haven assets.
Sales of new homes dropped to the lowest in eight months, Commerce Department data showed today. Gold has rebounded 6.8 percent this year on concern that U.S. growth was faltering and as tension escalated in Eastern Europe. Ukraine resumed operations to oust militants from eastern cities as the U.S. said 600 troops will be sent for exercises in four countries bordering Russia.
Bullion futures for June delivery rose 0.3 percent to settle at $1,284.60 an ounce at 1:47 p.m. on the Comex in New York, the first gain in four sessions. Prices touched $1,275.80 yesterday, the lowest for a most-active contract since Feb. 11.

Copy Source: Bloomberg