Los Angeles CA, June 24 (Tangible Investments) - by James O’Dell - Precious metals prices added to gains made last week as Gold rose $3.40 or 0.26 percent to close at $1,318.00 an ounce on Monday amid growing turmoil in Iraq and a weaker dollar as crude oil prices hovered near nine month highs. The price of Silver gained $0.02 or 0.01 percent to close at $20.90 an ounce, while the Gold/Silver ratio rose to 63.06.
The world's largest Gold-backed exchange-traded fund added 2.4 tons to its holdings on Monday as investor sentiment towards bullion improves. "There are still willing buyers today as there are shorts left, and risk aversion sees fresh inflows," said VTB Capital's Andrey Kryuchenkov on Tuesday. "The greenback is slightly weaker today, while European equities are extending losses from yesterday," he added.
“I am confident in Gold because Yellen put to rest concerns about interest rates rising,” said Adrian Day, of Adrian Day Asset Management on Monday. “History tells us that the geopolitical situation gives Gold short-term boosts. If we see dramatic changes in Iraq, then there will be bigger changes in the price of Gold.”
CNN reported on Monday that “Sunni militants snatch city after city in their march toward Baghdad.” Secretary of State John Kerry made an emergency visit to Baghdad on Monday, to consult with Iraqi leaders in the war ravaged country and convey “President Obama’s and the American people’s commitment to help Iraq.”
While Secretary Kerry spoke at a news conference in Baghdad about Iraq's future, the Sunni militant extremists known as ISIS were extending their control of the country’s entire western frontier, having already secured nearly every official border crossing with Syria and the only one with Jordan.
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