Latest Market Updates
Precious metals markets were primarily focused on the latest developments in Ukraine. Reuters reports that, “Russian foreign Minister Sergei Lavrov told President Vladimir Putin on Monday Russia's position on Ukraine was at odds with the West, and that U.S. Secretary of State John Kerry had declined an invitation to visit Russia for further talks.”
Earlier, Russian troops reportedly opened fire during the takeover of a Ukrainian military post in Crimea.
“This is the sort of thing that can definitely spark sudden and sharp rallies in the gold market,” Sterling Smith, a futures specialist at Citigroup Inc. told Bloomberg. Concern that turmoil will intensify “leads to some safe-haven type of buying.”
Traders are looking ahead to this week’s release of key U.S. economic data after Friday’s surprisingly upbeat February jobs report helped buoy market sentiment that the domestic recovery is on track.
The U.S. economy added 175,000 jobs in February, according the data published by the U.S. Labor Department, well above expectations for 149,000 new jobs.
Gold fell in the wake of the report amid speculation that the Federal Reserve will continue tapering its monthly bond-purchase program, weighing on demand for the yellow metal as a store of wealth.
Traders will closely scrutinize this week’s upcoming retail sales and consumer sentiment data for further clues on the near-term direction of U.S. monetary policy.
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Market Updates Archive
This week on The Vault, Brian explains why this week's gold rally is NOT what it seems - especially as it relates to geopolitical uncertainty in Ukraine. Mike Getlin, CEO of Merit Gold gives us his analysis of current market conditions, explains why develop...watch more
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