Gold prices up in Asia

Gold prices up in Asia

14 July 2014, 09:09

Gold prices gain in Asia, as the focus on the euro zone and Portugal remained despite assurances from the central bank.

Gold for August delivery traded at $1,338.80 a troy ounce, up 0.10% on the Comex division of the New York Mercantile Exchange. Last week gold ended at $1,321.30 a troy ounce as demand for the precious metal remained supported amid renewed concerns over the health of Portugal’s banking sector and amid signs that U.S. interest rates will remain on hold for an extended period of time.

However, on Friday concerns slightly decreased - after Portugal’s central bank said it was satisfied that the lender is able to fulfill its capital requirements. In the week ahead, investors will be watching announcement on monetary policy by Fed Chair Janet Yellen, as well as key data on June retail sales.

As for other metals, silver for September delivery traded at $21.498 a troy ounce, up 0.17%, after settling last week at $21.46 a troy ounce, also on Comex. Copper for September delivery traded at $3.273 a pound, up 0.06%, after ending last week at $3.269 a pound. Copper traders looked ahead to Chinese reports on second quarter gross domestic product, industrial production, retail sales and other relevant data this week. The Asian giant is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

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