Investing.com - Gold’s safe-haven status worked against it during Tuesday’s U.S. session and that theme carried over to Asian trade Wednesday as the yellow metal traded slightly lower following some strong U.S. data points.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.16% to USD1,273.05 per ounce in Asian trading Wednesday after settling down 0.07% at USD1,276.15 a troy ounce in U.S. trading on Tuesday.
Gold futures were likely to find support at USD1,268.75 a troy ounce, Friday's low, and resistance at USD1,300.55, Monday's high.
Well last week’s comments from Federal Reserve Chairman Ben Bernanke about possible tapering of the central bank’s USD85 billion-a-month asset-buying program continue to loom large in the commodities pits, it was a solid batch of U.S. data points that pressured gold somewhat on Tuesday.
In U.S. economic news out Tuesday, the S&P/Case-Shiller Index of home prices in 20 U.S. metro areas rose 12.1% in April. The 10-city index gained 11.6%. All 20 cities were positive for the fourth straight month. Atlanta, Dallas, Detroit and Minneapolis had the largest year-over-year gains.
The Commerce Department said new home sales rose 2.1% to a seasonally adjusted annual rate of 476,000 units – the highest level in nearly five years. expected new home sales to rise to a 462,000-unit rate in May. Sales surged 29% year-over-year.
U.S. consumer confidence rose to 81.4 in June, easily beating the reading of 75 economists expected. The May reading was 74.3.
Elsewhere, Comex silver for July delivery inched down 0.01% to USD19.550 per ounce after the iShares Silver Trust, the largest physically-backed silver ETF, experienced its largest one-day outflow on Monday. Copper for July delivery rose 0.10% to USD3.070 per ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.16% to USD1,273.05 per ounce in Asian trading Wednesday after settling down 0.07% at USD1,276.15 a troy ounce in U.S. trading on Tuesday.
Gold futures were likely to find support at USD1,268.75 a troy ounce, Friday's low, and resistance at USD1,300.55, Monday's high.
Well last week’s comments from Federal Reserve Chairman Ben Bernanke about possible tapering of the central bank’s USD85 billion-a-month asset-buying program continue to loom large in the commodities pits, it was a solid batch of U.S. data points that pressured gold somewhat on Tuesday.
In U.S. economic news out Tuesday, the S&P/Case-Shiller Index of home prices in 20 U.S. metro areas rose 12.1% in April. The 10-city index gained 11.6%. All 20 cities were positive for the fourth straight month. Atlanta, Dallas, Detroit and Minneapolis had the largest year-over-year gains.
The Commerce Department said new home sales rose 2.1% to a seasonally adjusted annual rate of 476,000 units – the highest level in nearly five years. expected new home sales to rise to a 462,000-unit rate in May. Sales surged 29% year-over-year.
U.S. consumer confidence rose to 81.4 in June, easily beating the reading of 75 economists expected. The May reading was 74.3.
Elsewhere, Comex silver for July delivery inched down 0.01% to USD19.550 per ounce after the iShares Silver Trust, the largest physically-backed silver ETF, experienced its largest one-day outflow on Monday. Copper for July delivery rose 0.10% to USD3.070 per ounce.