We have updated our privacy policy and terms & conditions. Find out more here.
8
 

Gold rises as traders bargain hunt

By Investing.comCommoditiesJun 25, 2013 12:33AM GMT Add a Comment
 
AA
+
-
Investing.com - Gold futures rose in the early part of Tuesday’s Asian session as traders again appeared to be doing some bargain-hunting following another down day of the yellow metal in U.S. trade Monday.

Gold rises as traders bargain hunt
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.43% to USD1,282.45 per troy ounce in Asian trading Tuesday after settling down 0.31% at USD1,288.05 a troy ounce in U.S. trading on Monday.

Gold futures were likely to find support at USD1,268.75 a troy ounce, Friday's low, and resistance at USD1,391.35, last Monday's high.

Traders continue to take gold to task after Federal Reserve Chairman Ben Bernanke said last week that monetary stimulus measures may taper this year and possibly end next year if the economy improves. The end of U.S. quantitative easing is expected to be supportive of the U.S. dollar, which has an inverse relationship to gold.

In U.S. economic news out Monday, the Federal Reserve Bank of Philadelphia said late last week that its manufacturing index rose to 12.5 in June from -5.2 in May, well above expectations for a -2.0 reading.

A separate report showed that U.S. existing home sales climbed 4.2% to 5.18 million units in May from April’s total of 4.97 million, far surpassing market calls for a 0.6% increase.

As has been previously noted, the better U.S. economic is, the more room the Fed has to pare its USD85 billion-a-month easing program. That would turn a good news scenario into a bad one for gold and other metals.

Elsewhere, Comex silver for July delivery rose 0.68% to USD19.655 per ounce while copper for July delivery fell 0.42% to USD3.026 per ounce.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Total
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg