Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold holds near 4-week low ahead of Yellen testimony

Published 07/15/2014, 03:18 AM
Updated 07/15/2014, 03:18 AM
Gold trades near 4-week low ahead of Yellen testimony

Gold trades near 4-week low ahead of Yellen testimony

Investing.com - Gold futures held near the previous session’s four-week low on Tuesday, as investors awaited Federal Reserve Chair Janet Yellen's semi-annual testimony on Capitol Hill later in the day.

On the Comex division of the New York Mercantile Exchange, gold for August delivery tacked on 0.2%, or $2.60, to trade at $1,309.30 a troy ounce during European morning hours. Prices held in a tight range between $1,306.70 and $1,310.90.

Gold tumbled to $1,302.20 an ounce on Monday, the lowest since June 19, before settling at $1,306.70, down 2.3%, or $30.70.

Gold futures were likely to find support at $1,302.20, the low from July 14 and resistance at $1,340.90, the high from July 14.

Also on the Comex, silver for September delivery inched up 0.19%, or 3.9 cents, to trade at $20.95 a troy ounce.

Market players remained cautious before Fed Chair Yellen testifies before Congress later in the session amid speculation over when the central bank will start raising interest rates.

In the minutes of the Fed's June policy meeting released last week, the central bank predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Elsewhere in metals trading, copper for September delivery dipped 0.09%, or 0.3 cents, to trade at $3.246 a pound.

Copper traders looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.