WASHINGTON (Alliance News) - Gold prices are down marginally Monday morning, giving up early gains.
Concerns about Ukraine and reports that the US and the EU might impose fresh sanctions on Russia prompted investors to go in for the safe haven investment early on in the session.
Gold futures for June are down USD1.00 or 0.08% at USD1,299.80 an ounce, after rising to a two-week high of USD1,306.50 earlier.
Gold futures ended up USD10.20 or 0.8% at USD1,300.80 an ounce on Friday, extending gains to a third straight session. For the week, gold gained 0.5%.
Silver for July is down USD0.103 or 0.52% at USD19.618 an ounce.
Meanwhile, copper is down marginally at USD3.090 per pound, after rising to an eight week high at USD3.104 earlier, amid hopes of an increase in demand from China.
The US pending home sales data for March from the National Association of Realtors will be out at 10 am ET. Economists estimate pending home sales to have risen by 0.6% month-over-month.
Investors will be looking ahead to the outcome of the 2-day FOMC meeting that begins on Tuesday.
The US non-farm payrolls report for April, the Conference Board's consumer confidence index for April, advance estimate for first quarter GDP and the Commerce Department's personal income and spending report for March will be eyed this week.
Also due for release during the week are the results of the Institute for Supply Management's manufacturing index for April and the results of a regional manufacturing survey by MNI Indicators, auto sales for April and the jobless claims report. Additionally, the final estimate of Markit's US manufacturing survey for March will also be eyed.
