Gold eases despite growing turmoil in the world

London (July 20)  Gold futures eased Friday as investors focused more on the possibility of a U.S. interest rate hike than geopolitical tensions in Ukraine and the Gaza strip.

August gold dropped 0.6% for the session to settle at US$1,309.40 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal fell 2% for the week.

The Fed may have to raise its benchmark rate more quickly than planned as unemployment drops and inflation accelerates, James Bullard, president of the St. Louis Fed, said yesterday.

In other metals, September silver fell 1.2% to US$20.89 an ounce.

October platinum fell 0.9% to US$1,489.90 an ounce. September palladium declined 0.4% to US$881.50 an ounce.

High-grade copper for September delivery dropped 4 cents to US$3.18 a pound.

Source: ProactiveInvestors