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Gold falls in Asia after snapping 3-day losing streak

CommoditiesMar 27, 2013 08:16PM ET
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Investing.com - Gold futures are trading slightly lower during Thursday’s Asian session after snapping a three-day losing streak Wednesday in the U.S.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.9% to USD1,605.75 per troy ounce in Asian trading Thursday after settling up 0.58% at USD1,606.55 a troy ounce in U.S. trading on Wednesday.

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high.

Gold futures were buoyed by safe-haven buying induced in part by more euro zone-related fears. On Wednesday, the head of Italy’s center-left alliance, Pier Luigi Bersani, ruled out forming a coalition any time soon. Following February’s Italian election results, traders have been fearful that the new government would be no more than gridlock and not allow for additional austerity measures.

Elsewhere, the European Commission reported earlier that its eurozone Economic Sentiment Indicator fell to 90.0 in March from 91.1 in February.

Analysts were expecting the index to fall to 90.4 last month, which further weakened the euro and bolstered gold's appeal as did lingering concerns surrounding the terms tied to Cyprus's recent bailout.

In U.S. economic news, the National Association of Realtors said pending home sales fell 0.4% in February from January, but added the number increased 8.4% on a year-over-year basis. Despite trading lower today in Asia, gold is on track for gain of better than 1.5% this month.

Elsewhere, silver for May delivery rose 0.24% to USD28.768 per ounce while copper for May delivery gained 0.03% to USD3.455 per ounce.

Gold falls in Asia after snapping 3-day losing streak

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