Monday, 16 June 2014

Today's Commodity Market Report About Gold

Gold ended Friday's session at the highest level in almost three-weeks, as concerns over escalating violence in Iraq boosted demand for safe-haven assets.On the Comex division of the New York Mercantile Exchange, gold for August delivery rose to a session high of $1,278.10 a troy ounce, the most since May 27, before coming off the highs to settle at $1,274.10, up 0.01%, or 10 cents.

On Thursday, the precious metal rallied 1.01%, or $12.80, to end at $1,274.0. Gold prices were likely to find support at $1,250.10, the low from June 10 and resistance at $1,294.70, the high from May 27. On the week, Comex gold advanced 1.69%, or $21.60 an ounce, the second consecutive weekly gain. Gold traders continued to monitor events in Iraq as militants linked to al-Qaeda threatened to take Baghdad after capturing key cities elsewhere in the country earlier in the week.

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