Investing.com - Gold futures came under heavy selling pressure on Tuesday, falling below the key USD1,400-level as market players looked ahead to speeches from a couple of Federal Reserve governors later in the day amid speculation over the need for further stimulus in the U.S.
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.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,395.85 a troy ounce during U.S. morning hours, down 1.15% on the day.
Comex gold prices fell by as much as 1.3% earlier in the session to hit a daily low of USD1,393.05 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.
Gold traders are awaiting speeches from two voting members of the Federal Open Market Committee later in the day for direction.
Governor Sarah Bloom Raskin will speak on the role of government in jobs creation, while Kansas City Fed President Esther George will speak on the economy.
Investors are also looking ahead to the release of a closely watched report on U.S. nonfarm payrolls on Friday for further hints regarding the direction of U.S. monetary policy.
Gold prices rallied nearly 2% on Monday after data showed that activity in the U.S. manufacturing sector contracted for the first time in six months in May.
The Institute for Supply Management said its index of purchasing managers fell to 49.0, the lowest level since June 2009 and below the 50 level that separates contraction from growth.
The weak data dampened expectations that the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program later this year.
Elsewhere on the Comex, silver for July delivery dropped 1.4% to trade at USD22.40 a troy ounce, while copper for July delivery added 0.6% to trade at USD3.350 a pound.
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.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,395.85 a troy ounce during U.S. morning hours, down 1.15% on the day.
Comex gold prices fell by as much as 1.3% earlier in the session to hit a daily low of USD1,393.05 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.
Gold traders are awaiting speeches from two voting members of the Federal Open Market Committee later in the day for direction.
Governor Sarah Bloom Raskin will speak on the role of government in jobs creation, while Kansas City Fed President Esther George will speak on the economy.
Investors are also looking ahead to the release of a closely watched report on U.S. nonfarm payrolls on Friday for further hints regarding the direction of U.S. monetary policy.
Gold prices rallied nearly 2% on Monday after data showed that activity in the U.S. manufacturing sector contracted for the first time in six months in May.
The Institute for Supply Management said its index of purchasing managers fell to 49.0, the lowest level since June 2009 and below the 50 level that separates contraction from growth.
The weak data dampened expectations that the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program later this year.
Elsewhere on the Comex, silver for July delivery dropped 1.4% to trade at USD22.40 a troy ounce, while copper for July delivery added 0.6% to trade at USD3.350 a pound.