In Mcx Gold extended losses into a second session on
Monday, slipping below $1,300 an ounce as equities recovered after an initial
sell-off over escalating tensions in Ukraine. Spot gold had fallen 0.4 percent
to $1,299.80 an ounce by 0314 GMT, after dropping 0.6 percent on Friday. U.S. gold
fell about $5 to $1,300.90. Asian stocks eked out gains on Monday after seeing
Wall Street recover from the latest round of tensions in the Ukrainian crisis,
although renewed uncertainty over the volatile conflict put a firm lid on
markets.
Gold futures declined
on Monday, but the precious metal managed to recoup most of the day's losses
amid an escalation of the conflict in eastern Ukraine. On the Comex division of
the New York Mercantile Exchange, gold for December delivery slumped 0.72%, or
$9.50, to settle at $1,306.20 a troy ounce by close of trade on Friday.
Natural gas for delivery in September plunged 3.33%, or 13.0
cents, to settle at $3.776 per million British thermal units by close of trade
on Friday. Prices hit $3.763 earlier; the lowest since August 4.Futures were
likely to find support at $3.761 per million British thermal units, the low
from August 4 and resistance at $3.947, the high from August 14.
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