Friday, June 28, 2013

BULLION COMMODITY WRAP & ANALYSIS FOR ADVICES

> Gold plunged to a 34-month low.

> Gold futures tumbled below $1,200 an ounce.

> Silver futures for September delivery dropped 0.3 percent to close at $18.553.

Gold> Crude oil sustain near 97$.


Gold futures tumbled below $1,200 an ounce, extending a slump to a 34-month low, as U.S. economic data topped estimates by analysts, eroding the metal’s appeal as a store of value. In May, consumer spending rebounded and pending home sales jumped to the highest since 2006, while jobless claims fell last week. This quarter, gold has slumped 24 percent. The Dow Jones Industrial Average gained 3.1 percent. Silver futures for September delivery dropped 0.3 percent to close at $18.553 an ounce on the Comex. The metal has plunged 39 percent this year. The four-week moving average of jobless claims, a less volatile measure than the weekly figures, dropped to 345,750 last week from 348,500, according to the Labour Department.

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