Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Gold edges higher ahead of U.S. jobs data, Fed easing in focus

Published 06/05/2013, 03:23 AM
Updated 06/05/2013, 03:23 AM
Investing.com - Gold futures edged higher on Wednesday, as investors looked ahead to the ADP report on U.S. nonfarm payrolls later in the day to assess the strength of the U.S. economy and the need for further stimulus from the Federal Reserve.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,399.25 a troy ounce during European morning hours, up 0.15% on the day.

Comex gold prices held in a range between USD1,397.05 a troy ounce, the daily low and a session high of USD1,407.75 a troy ounce.

Gold futures were likely to find support at USD1,355.55 a troy ounce, the low from May 23 and near-term resistance at USD1,421.25, the high from May 31.

Markets were focusing on the U.S. private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data.

Data on Monday showing that activity in the U.S. manufacturing sector contracted for the first time in six months in May dampened expectations that the Federal Reserve will scale back its asset purchase program later this year.

Moves in the gold price this year have largely tracked shifting expectations as to whether the Federal Reserve would end its bond-buying program sooner-than-expected.

Gold prices lost 1% on Tuesday after India’s central bank decided to extend gold import restrictions in a bid to reduce the country’s current account deficit.

India is the world’s largest gold consumer.

Elsewhere on the Comex, silver for July delivery added 0.4% to trade at USD22.50 a troy ounce, while copper for July delivery eased up 0.3% to trade at USD3.380 a pound.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.