Moderate losses for bullions

Gold prices mark its lowest close in more than a week

Bullion metals ended moderately lower on Monday, 07 July 2014 at Comex. Gold prices marked their lowest close in more than a week on Monday, extending a hefty loss from the previous session, which saw investors opt for equities in a rally that pushed the Dow industrial past 17,000 for the first time ever.

Gold for August delivery fell $3.60, or 0.3%, to settle at $1,317 an ounce after losing more than $10, or 0.8%, on Thursday the last regular trading day of a holiday-shortened week.

September silver also shed 12 cents, or 0.6%, to $21.01 an ounce.

The focal point for U.S. traders this week is the FOMC meeting minutes that are due out Wednesday afternoon.

European stock markets were weaker on Monday, partly due to some weaker-than-expected German industrial production data that showed the sharpest monthly decline in two years. The reading was down 1.8% in May, year-on-year. Germany is the largest economy within the European Union.

U.S. economic data due for release on Monday was light and included the employment trends index.

Powered by Capital Market - Live News