XAUSUD Firm Amid Unrest in Ukraine and Gaza

by on July 21, 2014 7:45 am GMT

XAUUSD traded little changed as investors weighed the outlook for higher US borrowing costs against demand for a haven amid unrest in Ukraine and Gaza. Palladium was near a 13-year high.

Gold for immediate delivery traded $1,310.70 an ounce by 2:16 p.m. in Singapore from $1,310.88 on July 18. The metal last week completed a 2.1 percent decline to halt the longest run of weekly gains since March. Palladium added as much as 0.2 percent to $883.17 an ounce on concern that supplies may be disrupted from Russia, the largest producer.

Rising demand from China and other emerging markets has boosted prices for most metals, including gold. Bullion traded at $1,326 an ounce on July 1, up from $400 a decade ago. It peaked at $1,931 during the financial crisis in 2011.