Soft US Housing Data Supports Gold Prices
ICM Brokers | Jul 29, 2014 03:15AM ET
Crude Oil
Disappointing data out of the U.S. housing sector coupled with waning fears that conflicts in the Middle East were threatening global oil supply sent crude futures falling on Monday. Crude futures drop on U.S. data, waning Mideast supply fears Oil dips on U.S. data, ebbing geopolitical perceptions Investors reassessed geopolitical impacts on oil in the Middle East after Hamas and Israel agreed to a 24-hour humanitarian truce on Sunday. U.S. President Barack Obama had called for a ceasefire between the two sides, but there was no indication of any comprehensive deal to end the fighting, which cushioned oil's losses. Earlier Monday, an attack on a park in Gaza killed several children, with Israel and Hamas casting blame at each other, though concerns the fighting will embroil the Middle East and disrupt supply backed off on Monday.
Gold
Gold prices were up slightly in U.S. trading on Monday as soft U.S. housing data supported the metal by driving uncertainties as to when the Federal Reserve will hike interest rates. Gold gains on soft U.S. data, news of fresh Russia sanctions Gold edges higher on geopolitical concerns, U.S. data News that the U.S. and Europe may slap fresh sanctions on Russia for allegedly intervening in Ukraine also supported the yellow metal. The dollar slid and gold rose on Monday after the National Association of Realtors reported that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.
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