Precious metals gain a percent at Comex

Prices register losses for the week though

Precious metals climbed higher on Friday, 25 July 2014 at Comex on further geopolitical tension in Ukraine and Gaza. Headlines indicated that Russia's foreign minister reiterated his belief that the U.S. shares blame for the bloodshed in Ukraine. In addition, chatter circulated that Israel has officially rejected a ceasefire proposal.

Despite strength in the dollar index, August gold came off its session low of $1293.30 per ounce and rose as high as $1303.80 per ounce. It settled 1.0% higher at $1303.00 per ounce, booking a 0.5% loss for the week.

September silver traded as high as $20.65 per ounce after lifting from a session low of $20.42 per ounce. It settled with a 1.1% gain at $20.64 per ounce, cutting weekly losses to 1.1%.

On the economic front at wall Street, the durable orders report for June surpassed estimates (+0.7% versus consensus 0.3%), but shipments of goods declined 1.0%, which will be a negative for Q2 GDP.

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