x
Breaking News
0

Gold, silver extend losses on Fed taper outlook

CommoditiesMay 01, 2014 05:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Gold, silver move lower as Fed taper weighs

Investing.com - Gold and silver prices extended losses from the previous session on Thursday, following the Federal Reserve’s decision to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting.

On the Comex division of the New York Mercantile Exchange, gold for June delivery fell to a daily low of $1,281.90 a troy ounce, the weakest level since April 24.

Gold last traded at $1,283.30 an ounce during European morning hours, down 0.97%, or $12.60. Futures declined 0.03% or 40 cents an ounce on Wednesday to settle at $1,295.90.

Gold prices were likely to find support at $1,268.40 a troy ounce, the low from April 24 and resistance at $1,306.60, the high from April 28.

Meanwhile, silver for July delivery declined 0.47%, or 9.1 cents, to trade at $19.08 a troy ounce. Silver ended Wednesday’s session down 1.86%, or 36.4 cents, to settle at $19.17 an ounce.

Silver was likely to find support at $18.95 an ounce, the low from April 24 and resistance at $19.51, the high from April 30.

The Fed said Wednesday it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.

The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks.

Data released Wednesday showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.

Investors now looked ahead to Friday’s closely-watched U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing.

Elsewhere in metals trading, copper for July delivery shed 0.09%, or 0.3 cents, to trade at $3.025 a pound.

Data released earlier showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5, and higher than the 50.3 reported last month.

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

Gold, silver extend losses on Fed taper outlook
 

Related Articles

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.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • 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.

 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
 
 
 
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
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.
Continue with Google+
or
Sign up with Email