Precious metals turn weak

Gold recoups some losses amid Ukraine tensions

Precious metals dropped on Friday, 15 August 2014 at Comex on tame U.S. inflation data, but gold recouped earlier losses as haven demand emerged following news of clashes between Ukrainian and Russian forces.

December gold traded lower but erased some losses after the spokesman for Ukraine's National Security and Defense Council said the country's forces destroyed a part of an armed convoy from Russia.

The precious metal dipped to a session low of $1293.00 per ounce in early morning action and reversed back above the $1300 per ounce level following the Ukraine headlines. It eventually settled 0.7% lower at $1306.60 per ounce, booking a loss of 0.3% for the week.

September silver also spent today's session in the red, sliding as low as $19.51 per ounce. Unable to gain buying support, it settled 1.9% lower at $19.52 per ounce, bringing losses for the week to 2.1%.

The precious metal weakened after data showed U.S. producer prices rose just 0.1% in July, a sign of low inflation pressure. The data was in line with forecasts.

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