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3 years ago
PRECIOUS-Gold holds above $1,300 as Ukraine worries stoke safe-haven demand
August 13, 2014 / 12:52 AM / 3 years ago

PRECIOUS-Gold holds above $1,300 as Ukraine worries stoke safe-haven demand

SINGAPORE, Aug 13 (Reuters) - Gold was well-supported above
$1,300 an ounce on Wednesday as weak investor morale in Germany
and fears over the economic impact on Europe from the crisis in
Ukraine prompted investors to seek safety in bullion.
        
    FUNDAMENTALS
    * Spot gold was flat at $1,308.49 an ounce by 0035
GMT. U.S. gold slipped about $1 to $1,309.70.
    * German analyst and investor morale plunged in August to
its lowest level in more than 1-1/2 years as the crisis in
Ukraine took its toll, suggesting that Europe's largest economy
is running out of steam. 
    * Stocks and the euro were hit by the data, as markets
fretted over the impact that sanctions against Russia on
Germany, Europe's largest economy.
    * A Russian convoy of trucks carrying tonnes of humanitarian
aid left on Tuesday for eastern Ukraine, even as Kiev and
Western governments warned Moscow against any attempt to turn
the operation into a military intervention by stealth.
 
    * Tensions in the Middle East also boosted gold's appeal as
an alternative investment. The Obama administration has sent
about 130 additional military personnel to Iraq, U.S Defense
Secretary Chuck Hagel said on Tuesday, as Washington seeks to
help Iraq contain the threat posed by hardline militants from
the Islamic State. 
    * Talks to end a month-long war between Israel and Gaza
militants are "difficult", Palestinian delegates said, while
Israeli officials said no progress had been made so far and
fighting could soon resume. 
    * For the top stories on metals and other news, click
 or 
    
    MARKET NEWS
    * Brent crude oil hit a 13-month low on Tuesday as ample
North American production outweighed concern over supply from
the Middle East, while stocks and the euro were pressured by the
plunging investor morale in Germany. 
    
    DATA/EVENTS (GMT)
    0530 China Urban investment July 
    0530 China Industrial output July 
    0530 China Retail sales July 
    0600 Germany Wholesale price index July 
    0900 Euro zone Industrial production June 
    1230 U.S. Retail sales July 
    1400 U.S. Business inventories June

    PRICES AT 0035 GMT  
 Metal            Last     Change  Pct chg
                                          
 Spot gold        1308.49    0.15     0.01
 Spot silver        19.92    0.07     0.35
 Spot platinum     1460.5    -1.2    -0.08
 Spot palladium    874.25    1.45     0.17
 Comex gold        1309.7    -0.9    -0.07
 Comex silver      19.935    0.03     0.15
 Euro              1.3365                 
 DXY               81.523                 
                                          
 COMEX gold and silver contracts show the
 most active months
  

 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

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