Los Angeles CA, July 25 (Tangible Investments) - by James O’Dell - Gold and Silver prices edged higher in overnight trade after retreating on Thursday when Gold eased $11.90 or 0.91 percent to close at $1,293.20 an ounce while the dollar strengthened again, keeping pressure on the metals. Silver dipped $0.40 or 1.91 percent to close at $20.40 an ounce, while the Gold/Silver ratio rose to 63.39.
Analysts agree that lower prices will bring out the bargain hunters, particularly the physical buyers. “We note that demand from China has marginally improved over the past two days, with the SGE premium trading as high as $2.50…We believe this marginally improved demand from China, combined with a slight uptick in demand from other South East Asian countries, should add additional support to Gold,” said Standard Bank's Walter de Wet.
Gold held above $1,300 an ounce for most of the week even in thin trade, as the death toll rose in Israel and tensions continued to simmer between the West and Russia over Ukraine.
In Israel, the death toll rose to 815 Palestinians and 32 Israelis killed when a United Nations-run elementary school was shelled in the northern Gaza Strip on Thursday. Fifteen people were killed while more than 120 were injured, according to local health officials. U.N. Secretary-General Ban Ki-moon, who was in the region to call for a cease-fire, was appalled by the strike, which killed United Nations staff.
“Today's attack underscores the imperative for the killing to stop — and to stop now,” said Ban in a statement. It was the fourth shelter to be shelled this week in Gaza.
In Ukraine, Moscow is being accused by the U.S. State Department of allowing artillery to be fired from within Russia's borders to attack Ukrainians, in addition to increasing shipments of arms to the pro-Russian separatists. “We have new evidence that the Russians intend to deliver heavier and more powerful rocket launchers to separatist forces in Ukraine and have evidence that Russia is firing artillery from within Russia to attack Ukrainian military positions,” said State Department Spokeswoman Marie Harf on Thursday.
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