Investing.com - Gold futures were higher for the third consecutive day on Tuesday, extending a rebound from last week’s 34-month low as investors returned to the market to seek cheap valuations.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,265.55 a troy ounce during European morning hours, up 0.8% on the day.
Comex gold prices rose by as much as 0.9% earlier in the day to hit a session high of USD1,266.55 a troy ounce, the strongest level since June 26.
Gold prices fell to USD1,180.35 a troy ounce on June 28, the weakest level since August 3, 2010.
Gold futures were likely to find support at USD1,180.35 a troy ounce, Friday’s low and a 34-month low and near-term resistance at USD1,276.05, the high from June 26.
The precious metal extended gains from the previous session as traders closed out bets on lower prices after futures moved into oversold territory, a move known as covering a short position.
Some bargain buying also emerged, as bottom fishers snapped up nicely priced positions in wake of recent selloffs.
The precious metal declined nearly 23% in the second quarter, the largest quarterly loss on record, amid speculation the Federal Reserve will start to unwind its bond purchasing program in the coming months.
Gold prices are on track to post a loss of almost 26% on the year, the worst yearly decline since 1981, after rising in each of the past 12 years.
Sentiment on the precious metals has been downbeat in recent months amid growing expectations the Fed will begin to taper off its bond-buying program by the end of this year.
Gold traders now looked ahead to Friday’s highly-anticipated U.S. nonfarm payrolls data for indications of how the recovery in the U.S. labor market is progressing.
Any improvement in the U.S. economy was likely to reinforce the view that the Federal Reserve will begin to taper its bond purchase program in the coming months.
Elsewhere on the Comex, silver for September delivery rose 0.95% to trade at USD19.76 a troy ounce, while copper for September delivery eased down 0.3% to trade at USD3.148 a pound.
The industrial metal rallied more than 3% on Monday to hit a two-week high after upbeat manufacturing data out of Europe and the U.S. helped ease concerns over the global economic outlook.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,265.55 a troy ounce during European morning hours, up 0.8% on the day.
Comex gold prices rose by as much as 0.9% earlier in the day to hit a session high of USD1,266.55 a troy ounce, the strongest level since June 26.
Gold prices fell to USD1,180.35 a troy ounce on June 28, the weakest level since August 3, 2010.
Gold futures were likely to find support at USD1,180.35 a troy ounce, Friday’s low and a 34-month low and near-term resistance at USD1,276.05, the high from June 26.
The precious metal extended gains from the previous session as traders closed out bets on lower prices after futures moved into oversold territory, a move known as covering a short position.
Some bargain buying also emerged, as bottom fishers snapped up nicely priced positions in wake of recent selloffs.
The precious metal declined nearly 23% in the second quarter, the largest quarterly loss on record, amid speculation the Federal Reserve will start to unwind its bond purchasing program in the coming months.
Gold prices are on track to post a loss of almost 26% on the year, the worst yearly decline since 1981, after rising in each of the past 12 years.
Sentiment on the precious metals has been downbeat in recent months amid growing expectations the Fed will begin to taper off its bond-buying program by the end of this year.
Gold traders now looked ahead to Friday’s highly-anticipated U.S. nonfarm payrolls data for indications of how the recovery in the U.S. labor market is progressing.
Any improvement in the U.S. economy was likely to reinforce the view that the Federal Reserve will begin to taper its bond purchase program in the coming months.
Elsewhere on the Comex, silver for September delivery rose 0.95% to trade at USD19.76 a troy ounce, while copper for September delivery eased down 0.3% to trade at USD3.148 a pound.
The industrial metal rallied more than 3% on Monday to hit a two-week high after upbeat manufacturing data out of Europe and the U.S. helped ease concerns over the global economic outlook.