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Gold futures inch lower; Greece debt talks, Catalonia in focus

By Investing.comCommoditiesNov 26, 2012 08:31AM GMT Add a Comment
 
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Investing.com - Gold futures inched lower during European morning hours on Monday, but remained close to the previous session’s six-week high before another meeting of euro zone finance ministers later in the day.

Gold futures inch lower; Greece debt talks, Catalonia in focus
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,752.45 a troy ounce during European morning trade, down 0.1% on the day.

Prices traded in a tight USD5-range between USD1,749.85 a troy ounce, the daily low and a session high of USD1,754.25 a troy ounce. Futures touched a six-week high of USD1,754.35 a troy ounce on Friday.

Gold prices were likely to find support at USD1,720.25 a troy ounce, the low from November 21 and resistance at USD1,774.95, the high from October 12.

Investors stuck to the sidelines ahead of a meeting of euro zone finance ministers later in the day to discuss whether to release Greece’s next tranche of aid.

German Chancellor Angela Merkel said she believes a deal can be reached at Monday’s talks, while the French finance minister said over the weekend that an agreement is close.

Market sentiment weakened slightly after separatist parties in Spain’s Catalonia region won the majority of the public vote in elections held over the weekend.

The win underlined fears about a potential negative impact on the euro zone’s fourth largest economy, as Catalonia accounts for nearly 20% of economic activity and provides the most tax revenue to the central government.

Meanwhile, markets participants continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Elsewhere on the Comex, silver for December delivery shed 0.15% to trade at USD34.15 a troy ounce, while copper for December delivery eased down 0.1% to trade at USD3.536 a pound.

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