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Gold inches lower as traders pare long bets

Published 05/26/2013, 09:20 PM
Updated 05/26/2013, 09:21 PM

Investing.com - Gold futures traded modestly lower during Monday’s Asian session as data show traders continue to reduce their long exposure to the yellow metal.

On the Comex division of the New York Mercantile Exchange, gold futures for July delivery inched down 0.06% to USD1,386.65 per troy ounce in Asian trading Monday after settling down 0.5% on Friday to settle the week at USD1,387.50 a troy ounce in the U.S.

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.

Data points out last Friday figured in gold’s slack performance. In U.S. economic news, the U.S. Commerce Department said core durable goods orders rose by a seasonally adjusted 1.3% in April, beating expectations for a 0.5% increase.

Total durable goods orders, which include transportation items, increased by a seasonally adjusted 3.3% last month, above expectations for a gain of 1.5%.

Elsewhere, data from the U.S. Commodities Futures Trading Commission show market participants slashed their net long exposure to bullion by 9% to 35,686 futures contracts through the week ending May 21. That is the lowest level in nearly six years.

Net short exposure to gold jumped 6.7% to a record 79,416 contracts, according to the CFTC data. Overall, long bets on over 20 commodities fell 2.1%.

Still, the U.S. Mint sold almost 210,000 ounces of gold last month, the highest level since late 2009, indicating there is still solid demand for physical gold.

Meanwhile, Comex silver for July delivery fell 0.48% to USD22.388 an ounce while copper for July delivery dropped 0.18% to USD3.289 per ounce.


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