Moderate losses for bullions

Prices recover from session lows though

Bullion metals ended lower on Monday, 28 April 2014. Gold futures closed under $1,300 an ounce on Monday, giving back part of the gains they saw in the previous session, but prices managed to settle off the day's low as benchmark indexes tracked U.S. equities lower.

Gold for June delivery fell $1.80, or 0.1%, to settle at $1,299 an ounce on the Comex division of the New York Mercantile Exchange, off the low of $1,292.10 seen in electronic trading.

May silver also dipped 10 cents, or 0.5%, to $19.59 an ounce.

Gold begin the day with mild losses and then extended those losses to moderate levels when the U.S. stock market rallied in morning trading. Also a bit bearish for gold were fresh U.S. sanctions against Russia that were deemed not as bad as could have been. And some upbeat U.S. economic data Monday morning was also a bearish factor for gold. However, when the stock market rally fizzled in early afternoon gold prices then moved up from their lows to trade just slightly lower.

This is a very busy week of U.S. economic data, highlighted by the latest FOMC meeting of the Federal Reserve on Tuesday and Wednesday, the gross domestic product report on Wednesday and the Labor Department's jobs report on Friday. Other key U.S. reports are scattered throughout the week. On Thursday there is also important manufacturing data coming out of China. Markets will likely be impacted by this week's heavy slate of economic data.

On Monday at Wall Street, economic data was limited to the Pending Home Sales report for March, which increased 3.4% while the consensus expected an increase of 1.0%. Today's reading followed last month's revised decrease of 0.5% (from -0.8%).

Powered by Capital Market - Live News