Gold, oil rise on continuing geopolitical instability
Chicago (Aug 7) Gold futures rose for a second session today to remain above the key $1,300 mark as tensions in Eastern Europe and violence in the Middle East boosted demand for a haven.
December gold gained 0.3 percent to settle at $1,312.50 an ounce on the Comex division of the New York Mercantile Exchange.
Russia announced a ban on food imports from the European Union, the U.S. and several other countries in retaliation against Western sanctions.
In energy markets, Brent crude advanced from a nine-month low after militants captured a dam in Iraq, bolstering concern that unrest will spread in OPEC’s second-biggest oil producer. West Texas Intermediate futures also climbed.
Brent for September settlement climbed 0.7 percent, to $105.35 a barrel on the London-based ICE Futures Europe exchange at 12:47 p.m. in New York.
WTI for September delivery gained 0.6 percent, to $97.53 a barrel at 3:19 p.m. on the New York Mercantile Exchange. It touched $96.55 earlier, the lowest intraday price since Feb. 4.
Militants from an al-Qaeda breakaway group in Iraq captured the country’s largest dam, whose destruction could flood Mosul, according Bloomberg. President Barack Obama is considering airstrikes in Iraq, the New York Times reported.