Investing.com - Gold futures traded slightly lower in the early part of Thursday’s Asian session as traders booked some profits in the yellow metal following a decent showing during U.S. trade Wednesday.
On the Comex division of the New York Mercantile Exchange, gold futures for September delivery fell 0.09% to USD1,284.20 per troy ounce in Asian trading Thursday. The September contract settled up 0.23% at USD1,285.40 on Wednesday.
Gold futures were likely to find support at USD1,269.45 a troy ounce, the low from July 17, and resistance at USD1,319.85, Monday's high.
Gold was able to fight off more hawkish commentary from members of the Federal reserve to eke out Wednesday’s gain. Federal Reserve Bank of Chicago President Charles Evans, a noted policy dove, said the U.S. central bank could begin tapering its USD85 billion per month bond-buying program later this year if the economy improves.
Other monetary authorities including Federal Reserve Bank of Dallas President Richard Fisher and Atlanta Fed Chief Atlanta Fed president Dennis Lockhart made similar comments, pressuring dollar-denominated commodities in the process.
Earlier this week, Fisher warned that investors have become too accustomed to the Fed supporting riskier assets and that asset-buying by central banks cannot continue indefinitely.
European data also helped gold. Official data released earlier revealed that German industrial production jumped 2.4% in June, far surpassing expectations for a 0.3% increase.
The report came one day after stronger-than-forecast German factory orders data reinforced expectations that the euro zone recovery may be gaining steam.
Elsewhere, Comex silver for September delivery rose 0.22% to USD19.550 per ounce while copper for September delivery fell 0.21% to USD3.177 an ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for September delivery fell 0.09% to USD1,284.20 per troy ounce in Asian trading Thursday. The September contract settled up 0.23% at USD1,285.40 on Wednesday.
Gold futures were likely to find support at USD1,269.45 a troy ounce, the low from July 17, and resistance at USD1,319.85, Monday's high.
Gold was able to fight off more hawkish commentary from members of the Federal reserve to eke out Wednesday’s gain. Federal Reserve Bank of Chicago President Charles Evans, a noted policy dove, said the U.S. central bank could begin tapering its USD85 billion per month bond-buying program later this year if the economy improves.
Other monetary authorities including Federal Reserve Bank of Dallas President Richard Fisher and Atlanta Fed Chief Atlanta Fed president Dennis Lockhart made similar comments, pressuring dollar-denominated commodities in the process.
Earlier this week, Fisher warned that investors have become too accustomed to the Fed supporting riskier assets and that asset-buying by central banks cannot continue indefinitely.
European data also helped gold. Official data released earlier revealed that German industrial production jumped 2.4% in June, far surpassing expectations for a 0.3% increase.
The report came one day after stronger-than-forecast German factory orders data reinforced expectations that the euro zone recovery may be gaining steam.
Elsewhere, Comex silver for September delivery rose 0.22% to USD19.550 per ounce while copper for September delivery fell 0.21% to USD3.177 an ounce.