Gold prices gain in Asia with focus on euro zone renewed

By Investing.com  |  Commodities  |  Jul 14, 2014 12:11AM GMT
Investing.com - Gold prices ticked higher on Monday in Asia as the focus on the euro zone and Portugal remained despite assurances from the central bank.

Gold prices up in Asia

On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,338.80 a troy ounce, up 0.10%.
Gold ended last week at $1,321.30 a troy ounce as demand for the precious metal remained supported amid renewed concerns over the health of Portugal’s banking sector and amid signs that U.S. interest rates will remain on hold for an extended period of time.
However, concerns eased slightly on Friday after Portugal’s central bank said it was satisfied that the lender is able to fulfill its capital requirements.
In the week ahead, investors will be watching testimony on monetary policy by Fed Chair Janet Yellen, as well as key data on June retail sales.
Also on the Comex, silver for September delivery traded at $21.498 a troy ounce, up 0.17%, after settling last week at $21.46 a troy ounce.
Copper for September delivery traded at $3.273 a pound, up 0.06%, after ending last week at $3.269 a pound.
Copper traders looked ahead to a raft of Chinese economic data this week, including reports on second quarter gross domestic product, industrial production and retail sales.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.