Gold taps the brakes after bullish stretch
Los Angeles (June 13) Gold prices relented on Friday, taking a breather after benefiting from the growing turmoil in Iraq that’s kept pressure on equities.
At last check, gold for August delivery GCQ4 -0.06% was down $2.40 to $1,271.60 an ounce. July silver SIN4 +0.06% rose a penny to $19.54 an ounce.
A day earlier, gold flirted with three-week highs, while the Dow Jones Industrials endured a triple-digit decline. Iraq and some weak economic data combined to sap investor confidence.
Members of the Kurdish Peshmerga force secure an area west of the northern city of Kirkuk, on June 11, 2014.
“Gold market bears still have the overall near-term technical advantage. However, the bulls are making a modest move,” he said. “Prices are still in a three-month-old downtrend on the daily bar chart.”
Elsewhere in metals trading, spot platinum fell another $12 to $1438, while palladium plunged $17 to $810. Both metals sank Thursday on news of progress towards a resolution to the mining strike in South Africa.