Gold down at 1,278; WTI drops to $93.35

New York (Aug 25)  Gold fell today as traders and central bankers continue to assess the threat of rising interest rates and as a buildup of Russian forces near Ukraine stoke global jitters.

Gold for December delivery fell $1.30 to settle at $1,278.90 an ounce on the Comex division of the New York Mercantile Exchange.

Sales of new homes hit a four-month low, but the negative macroeconomic report failed to ignite any safe-haven support for gold. U.S. equities, meanwhile, were broadly higher, with the S&P 500 index rising to an intraday record past 2,000.

In other metals, September silver slipped 3 cents to end at $19.36 an ounce.

Elsewhere in metals trading, October platinum fell a penny to settle at $1,418.40 an ounce, while September palladium rose $2.15 to $889.75 an ounce.

High-grade copper for September delivery added a penny to $3.22 a pound.

In energy markets, Brent crude oil rose today and U.S. crude fell in light trading, as support from geopolitical tensions in Ukraine and Libya countered ample supplies and anticipated weak demand after a slew of disappointing economic data from the United States and Europe.

WTI for October delivery fell 30 cents to settle at $93.35 a barrel on the New York Mercantile Exchange.

Brent for October settlement fell 1 cent to $102.28 a barrel on the London-based ICE Futures Europe exchange.

Stockpiles at the Cushing Oklahoma hub rose in the week ended Aug. 22, according to Bloomberg. CME Group, the world’s largest futures market, halted most of its Globex platform for about four hours, suspending contracts including oil and commodities. Brent rose earlier on concern Libyan turmoil will curb the country’s oil output.

Source: ProactiveInvestors