Gold and Silver …

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Gold futures fell back below $1,300 per ounce, as investors kept one eye on the geopolitical issues and the other looking ahead to what Federal Reserve Chairwoman Janet Yellen might say at the end of the week. Precious metals decline was also supported by a rebound in European and U.S. shares, on an easing of tensions in Ukraine.

Russia’s foreign ministry said “certain progress” had been achieved during talks between Russia, Germany, France and Ukraine in Berlin on Sunday about ways to end the military conflict in eastern Ukraine. The gold holdings of SPDR gold trust increased to 797.69 tons, while that of ishares Silver trust increased to 10,228.12, as on August 18.

The dollar gained 0.2% against a basket of major currencies after a sixth straight weekly loss, while the 10-year yield rose above 2.3%, but remained close to a 14-month low hit in the previous week.

Gold futures fell sharply in the opening trades, and later consolidated in a range after, before again moving down in the late evening g session, after prices breached the support line. Gold now holds immediate support at 28250 and next at 28100, while upside resistance is seen at 28400 and next at 28510.

Silver too fell sharply in the opening trades and later consolidated in a range for most part of the trading session.

Silver futures now hold immediate support at 42500 and next at 42050, while resistance holds at 43050 and 43450.

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