Los Angeles CA, July 14 (Tangible Investments) - by James O’Dell - The Gold price dipped sharply on profit taking in overnight trade after posting a sixth straight weekly advance on Friday, gaining $3.60 or 0.27 percent to finish the week at $1,339.00 an ounce, when the prospect of a possible euro zone banking crisis arose last week in Portugal over the health of one of the country's top-listed banks. The price of Silver added one cent to finish the week at $21.44 an ounce, while the Gold/Silver ratio inched up to 62.45.
Gold's safe-haven demand continues to climb on rising tensions in the Middle East and Ukraine. The crisis in Ukraine saw a sharp escalation over the weekend after pro-Russian separatists killed 23 Ukrainian servicemen in rocket strikes on Friday. Ukraine's President Poroshenko inflicted heavy losses on the rebels during a weekend of fighting after vowing on Friday to "find and destroy" the separatists responsible for the deaths.
In the meantime, Moscow is said to be considering strikes against Ukraine in retaliation for the death of a Russian civilian who was killed when a Ukrainian shell landed in a Russian border town. Ukraine denies firing the shell but Russia is protesting the incident through diplomatic channels, calling it "an aggressive act" against Russia and its citizens, and warning Ukraine of "irreversible consequences."
In the Middle East, ISIS rebels continue their march toward Baghdad after attacking a town called Dhuluiya north of the city and seizing its government buildings. It's the latest gains for the rebels since seizing Mosul, Iraq's second largest city; and vast swaths of land in the north, last month. In Israel, the Israel Defense Force (IDF) could enter the Gaza Strip at any moment and may have already as troop buildups include infantry, tanks, and armored personnel carriers, now massing on Gaza's border.
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