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What's Moving the Gold Price per Ounce to a Fourth Straight Weekly Gain Today By Tara Clarke

Gold price per ounce was on track for a fourth straight weekly gain today (Friday) - our up-to-date gold price chart reflects that the yellow metal is floating around its highest price since mid-April, achieved earlier this week... Today, gold for August delivery was up $0.50 at $1,317.50 per ounce on the Comex division of the New York Mercantile Exchange. Spot gold price per ounce was nearly flat, down $0.10 at $1,317.25. The London a.m. gold fix is up at $1,315.25 compared to the previous p.m. fixing of $1,311.75. The post What's Moving the Gold Price per Ounce to a Fourth Straight Weekly Gain Today appeared first on Money Morning - Only the News You Can Profit From .

The gold price per ounce was on track for a fourth straight weekly gain today (Friday) - our up-to-date gold price chart reflects that the yellow metal is floating around its highest price since mid-April, achieved earlier this week.

Gold price per ounce

Today, gold for August delivery was up $0.50 at $1,317.50 per ounce on the Comex division of the New York Mercantile Exchange. Spot gold price per ounce was nearly flat, down $0.10 at $1,317.25. The London a.m. gold fix is up at $1,315.25 compared to the previous p.m. fixing of $1,311.75.

In late May, gold tumbled to its lowest level in four months, $1,243.00. But on June 19, gold futures surged past $1,300 an ounce in a best one-day performance in nine months, and have been steady or rising since.

Traders warned the metal could still see some choppy trading amid concerns over weak imports in top consumer China, according to Reuters.

Here's the top market news affecting gold prices right now...

Top Stories Affecting Gold Spot Price per Ounce Right Now

Hawkish remarks from St. Louis Fed President James Bullard yesterday (Thursday) are weighing on the yellow metal. Bullard told FOX Business that the Federal Reserve could hike interest rates as soon as the first quarter of 2015, as inflation is likely to hit 2% in the latter half of this year.

Hiked interest rates are bad news for gold prices, which typically weaken when interest rates go up because investors seek out higher-yielding assets.

gold price per ounceBut fueling gold price per ounce is geopolitical turmoil in Iraq. On Thursday, Iraqi Vice President Khader al Khuzaei issued a decree calling for the parliament to meet on Tuesday to create a new government as the Islamic State of Iraq and Greater Syria (ISIS) advances toward Baghdad. Seven were killed and 36 injured in an explosion in a northern neighborhood of the capital last night, according to Iraqi police.

Iran and the United States have reportedly dispatched military advisors to assist Baghdad's defense. Both countries are also flying surveillance drones over Iraq, according to Fox News. The United States remains cautiously concerned that its involvement may deepen sectarian tensions in the country, due to Syria's and Iran's involvement.

"It's very important that nothing takes place that contributes to the extremism or could act as a flashpoint with respect to the sectarian divide," U.S. Secretary of State John Kerry said on Wednesday.

That's not the only news sending gold price per ounce soaring in late June...

The Russia-Ukraine conflict is also contributing to the safe-haven metal's recent rally. Financial Times reported today that the EU has given Russia until June 30 to materially implement a peace plan in Ukraine. If Russia fails to comply, it risks economic sanctions.

In other top gold news this week, China's chief auditor discovered 94.4 billion yuan ($15.2 billion) in loans that were backed by falsified gold transactions. According to a brief by the National Audit Office, 25 bullion processors in the country profited from the loans by more than 900 million yuan ($144.7 million) in total. China is the biggest producer and consumer of gold and, together with India, accounts for more than half of global consumer gold demand.

And on Thursday, New Jersey authorities announced a crackdown on "cash-for-gold" businesses. It revealed that 21 jewelry stores in five counties recently received civil citations for violating consumer protection laws, according to NJ.com. A total of 938 civil citations were given out for violations such as use of uncertified scales, failing to weigh and test gold items, and other infractions.

Money Morning Resource Specialist Peter Krauth recently warned readers of the commonplace practice of gold counterfeiting.

"Gold counterfeiting is nothing new," Krauth said. "In fact, just yesterday (Thursday) two suspects were caught in New York for multiple incidents of selling fake American Gold Eagle gold coins on Craigslist."

That's why Krauth broke down a method that anyone can use to mitigate the risks of ending up with counterfeit gold - it's this seven-part test...

Related Articles:

Reuters: Gold Climbs Towards 2-Month High on Softer Dollar

NJ.com: State Begins Year-Long Investigation into 'Cash-for-Gold' Businesses

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The post What's Moving the Gold Price per Ounce to a Fourth Straight Weekly Gain Today appeared first on Money Morning - Only the News You Can Profit From.

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