Dull day for bullions at Comex

Gold prices fall a third consecutive session

Gold prices fell a third consecutive session on Tuesday, 08 July 2014 to their lowest settlement in more than two weeks.

Gold for August delivery shed 50 cents to settle at $1,316.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices had already tallied a loss of nearly $14 an ounce, or 1.1%, over the past two trading sessions.

September silver ended nearly flat $21.01 an ounce following a loss of 1.4% in the past two sessions.

It has been a quieter trading affair in many markets early this week, amid a lack of major world economic news released so far. The focal point for U.S. traders this week is the FOMC meeting minutes from the Federal Reserve that are due out on Wednesday afternoon.

Traders and investors are keeping a closer eye on the Middle East, as Israel has launched a military offensive on the Gaza strip. The Hamas group has retaliated with its own rocket launches into Israel.

Economic data at Wall Street was limited to the Jobs Openings and Labor Turnover Survey and the Consumer Credit report. The Job Openings and Labor Turnover Survey for May indicated job openings increased to 4.635 million from 4.464 million consumer credit increased by $19.60 billion in May after increasing a downwardly revised $26.10 billion (from $21.80 billion) in April. The consensus expected consumer credit to increase by $16.10 billion.

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