Market News on Gold and Silver…

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Gold prices closed slightly lower on Friday, paring losses on safe-haven buying as equity markets slid after Ukraine said its forces had engaged a Russian armored column on Ukrainian soil in what appeared to be a major military escalation.

The gold holdings of SPDR gold trust declined to 795.6 tons, while that of ishares Silver trust increased to 10,132.62, as on August 17. Ukraine said its forces had attacked and partly destroyed a Russian armored column that crossed into Ukrainian territory. Moscow said its forces had not crossed into Ukraine, and accused Kiev of trying to sabotage deliveries of aid.

The dollar declined against major currencies, as a mixed bag of data coupled with a fresh flare up in the Russia-Ukraine conflict raised concerns that the U.S. economy still faces headwinds in its path to recovery. Gold futures recovered from its initial losses and traded in positive in the first half of the trading session. However, prices fell sharply towards the support line at 28525, after failing to breach the resistance line at 28775.

Gold now holds immediate support at 28500 and next at 28300, while upside resistance is seen at 28700 and next at 28780. Silver futures consolidated in a range for most part of the trading session, but remained volatile and fluctuated between gains & losses. Silver prices now hold immediate support at 43000 and next at 42750, while resistance is seen above the resistance lines at 43500 and 43700.

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