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Gold fails to hold early advances
By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) — Gold prices dipped on Thursday in electronic trade, as the precious metal failed to hold early gains that were sparked by the unrest in Egypt and political troubles in Portugal.Gold for August delivery GCQ3 -0.23% shed 0.2%, to $1,249.50 an ounce. The move puts a small dent in Wednesday’s jump of $8.50, or 0.7%, on the Comex division of the New York Mercantile Exchange.
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Morsi ousted by Egyptian military
The Egyptian military ousted President Mohammed Morsi from office. Simon Constable, Bill Spindle, Jerry Seib, and Nancy Messieh discuss the implications. Photo: AP.Investors found safety in gold on Wednesday as Egypt’s military pressured President Mohammed Morsi to step down, and later led his ouster from office.
Early Thursday, Egypt swore in Adly Mansour as interim leader.
Separately, worse-than-expected reading on June activity in the U.S. services sector, and a surge in borrowing costs for Portugal after the resignation of two government officials also provided upside support for gold, whose prices have been battered this year.
“The jump in Portuguese yields is reminiscent of previous euro-zone crises, which proved to be very positive for gold,” HSBC analyst James Steel wrote in a report Wednesday.
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