Investing.com - Gold futures inched lower on Thursday, as investors looked ahead to upcoming U.S. economic data and a policy meeting by the European Central Bank.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,315.90 a troy ounce during European morning trade, down 0.15%.
Prices held in a tight range between USD1,314.90 a troy ounce, the daily low and a session high of USD1,319.80 a troy ounce. The December contract ended 0.74% higher on Wednesday to settle at USD1,317.80 a troy ounce.
Gold futures were likely to find support at USD1,273.80 a troy ounce, the low from October 17 and resistance at USD1,327.30, the high from November 1.
Market players looked ahead to the release of key U.S. economic data later in the day to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.
The U.S. is set to release preliminary data on third quarter economic growth later in the day, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
Investors will also be awaiting the outcome of the ECB’s policy meeting later Thursday.
While no policy change was expected from the central bank, many investors expected the ECB to signal the possibility of further monetary policy easing at its meeting in December.
Elsewhere on the Comex, silver for December delivery was little changed to trade at USD21.77 a troy ounce, while copper for December delivery inched up 0.1% to trade at USD3.241 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,315.90 a troy ounce during European morning trade, down 0.15%.
Prices held in a tight range between USD1,314.90 a troy ounce, the daily low and a session high of USD1,319.80 a troy ounce. The December contract ended 0.74% higher on Wednesday to settle at USD1,317.80 a troy ounce.
Gold futures were likely to find support at USD1,273.80 a troy ounce, the low from October 17 and resistance at USD1,327.30, the high from November 1.
Market players looked ahead to the release of key U.S. economic data later in the day to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.
The U.S. is set to release preliminary data on third quarter economic growth later in the day, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
Investors will also be awaiting the outcome of the ECB’s policy meeting later Thursday.
While no policy change was expected from the central bank, many investors expected the ECB to signal the possibility of further monetary policy easing at its meeting in December.
Elsewhere on the Comex, silver for December delivery was little changed to trade at USD21.77 a troy ounce, while copper for December delivery inched up 0.1% to trade at USD3.241 a pound.