Gold Below $1,300, Strong U.S. Data Offsets Ukraine Tensions
April 29, 2014 2:16 PM EST
Gold traded below $1,300 an ounce on Tuesday, holding on to most of its losses from the previous session as strong U.S. data offset safe-haven bids from escalating tensions between Russia and the West.
Gold Near Two-week High as Ukraine Tensions Boost Safe-haven Bids
Investors are now eyeing this week's U.S. jobs report and a Federal Reserve policy meeting to further gauge the strength of the world's largest economy and the central bank's stance on tightening monetary policy.
Spot gold was steady at $1,296.11 an ounce by 0020 GMT. Prices reached a 1-1/2 week high of $1,306.11 on Monday before ending down 0.6 percent on signs of a strengthening U.S. housing market.
Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, a sign the housing market could be stabilizing after suffering a setback from a rise in interest rates and a severe winter.
China's gold purchases via main conduit Hong Kong fell to a four-month low in March as a weaker yuan and domestic prices below the global benchmark kept banks from importing.
Failed merger talks between Barrick Gold Corp and Newmont Mining Corp descended into acrimony, with the two large gold miners publicly accusing each other of scuppering a deal favoured by many investors.