ZOID RESEARCH 14-JULY-2014 : GOLD

Spot gold prices started the week in a low note on expectations of an early interest rate hike by the FED. The dollar index also neared a two week high after a government report showed that the US jobless rate was near a 6 year low suggesting bright economic prospects. However, the U.S. Federal Reserve's latest meeting minutes did not suggest any hike in U.S. interest rates soon. The Fed may end its bond buying program after its October meeting if "certain economic conditions remain positive".

On the flip side, prices gained momentum after questions were raised about the health of Portugal's top-listed bank sparked worry that a new euro zone banking crisis might be in the offing. This lead to safe haven appeal for gold.

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