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Gold gains amid light trading

Published 05/27/2013, 08:16 PM
Updated 05/27/2013, 08:17 PM

Investing.com - Gold futures traded higher during the early part of Tuesday’s session, but activity was far from volatile because U.S. and U.K. markets were closed for public holidays on Monday.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.50% to USD1,394.45 per troy ounce in Asian trading Tuesday. Speculation that some central banks are buying bullion lifted futures.

Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.

Gold got a lift after data from the International Monetary Fund showed that Russia and Kazakhstan added to their gold reserves for a seventh straight month in April.

Russian holdings rose 8.4 metric tons to 990 tons, while Kazakhstan’s central bank purchased 2.6 tons to take its total holdings to 125.5 tons.

In India, one of the world’s largest gold consumers, the Reserve Bank of India said Monday banks there would not be allowed to give loans against gold-back ETFs and mutual funds.

RBI added that on-bank financial companies should not give loans for the purchase of gold in any form, including coins, bars, jewelry and ETFs.

Meanwhile, at least one media report showed physical demand for gold in India slumped 15% last week after surging in April and the earlier part of May.

Elsewhere, Comex silver for July delivery rose 0.55% to USD22.620 per ounce while copper for July delivery rose 0.20% to USD3.302 per ounce.


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