UNITED STATES August 13 2014 5:36 PM

 

NEW YORK (Scrap Register): Geo political risks in Russia and the Middle East are clouding the improving global economic outlook, as the US authorised air strikes in Iraq last week and Russia banned imports of food from the EU and the US, said ETF Securities.

 

Gold shrugged off the weight of a stronger US dollar to be the best performing precious metal last week, gaining nearly 2% as investors took a more risk averse stance in the face of rising asset volatility.

 

Despite lingering risks, net long gold positions have moderated from recent highs. Solid retail sales and industrial production readings this week could remind investors of the buoyant US economic outlook and reduce the upward momentum for gold, especially if accompanied by an easing of global tensions.