Gold traders may also watch out for physical gold demand around the world by bargain hunters. In a similar situation, physical demand for gold had surged in April. Gold futures for August delivery on the Globex platform of Comex closed up by 0.73% at $1295.55 per troy ounce on Friday.
MUMBAI:
Next week, gold investors in the international market are expected to closely watch Treasury bond yields, physical demand and key US data releases as gold prices recorded a steep fall last week. Analysts expect a sideways trend in gold.
The yellow metal recorded a steep fall in prices after US Federal Reserve Chairman Ben Bernanke hinted that the bank may partially end its monetary stimulus this year and potentially withdraw it entirely by the middle of next year in accordance with incoming data flow.
Bullion commodities fell after the statement from the chairman along with equities, while the US dollar recorded an up-tick.
Gold fell more than 6% last week. However, a slight recovery was seen on Friday on fresh physical buying from China and speculation that athe current fall in prices may result in a rise in physical demand.
Gold futures for August delivery on the Globex platform of Comex closed up by 0.73% at $1295.55 per troy ounce on Friday.
Gold traders may also watch out for physical gold demand around the world by bargain hunters. In a similar situation, physical demand for gold had surged in April.
Investors should closely watch key US data releases which are scheduled for the next week. Data on Durable Goods, Consumer Confidence and New Home Sales are scheduled to be released on Tuesday. A data on Gross Domestic Product is expected on Wednesday.
Then weekly Jobless Claims, Personal Income and Spending are scheduled for Thursday. Next Friday is expected to bring the Chicago Purchasing Managers Index and University of Michigan/Thomson Reuters consumer-sentiment index.
Source: commodityonline