Investing.com - Gold futures started the new week modestly lower as the yellow metal’s safe have status might be seen as unappealing in a risk-on environment that has arguably been bolstered by U.S. economic reports released last week.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery dropped 0.06% to USD1,669.55 per troy ounce in Asian trading Monday. Gold prices were likely to find support at USD1,653.35 a troy ounce, the low from January 28 and near-term resistance at USD1,694.75, the high from January 23.
Futures rose last Friday’s U.S. session after the the Labor Department said the world’s largest economy added 157,000 new jobs in January, below economists’ expectations calling for 160,000 new jobs. The unemployment rate rose to 7.9% from 7.8%.
Still, riskier assets moved higher after the November and December jobs numbers were revised noticeably higher and a couple of other decent data points were absorbed by market participants.
In other U.S. economic news, University of Michigan-Thomson Reuters consumer sentiment survey rose to a January reading of 73.8, up from 72.9 in December. Economists expected a January reading of 71.5.
The Institute for Supply Management said its manufacturing index for January climbed to 53.1% from 50.2% in December. Economists expected a January reading of 51%. Readings above 50% indicate expansion.
Elsewhere, National Bank Financial published a report today saying the world is heading for a major gold production over the next several years. NBF said that starting in 2017, nearly all major gold producers could face production declines because discovery frequency will not be sufficient to replace current levels of production.
Lower production levels could boost gold prices and if the market believes production is expected to slide for multiple years, futures could surge.
Meanwhile, Comex silver for March delivery slipped 0.4% to USD31.830 per ounce while copper for March deliver added 0.16% to USD3.784 per ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery dropped 0.06% to USD1,669.55 per troy ounce in Asian trading Monday. Gold prices were likely to find support at USD1,653.35 a troy ounce, the low from January 28 and near-term resistance at USD1,694.75, the high from January 23.
Futures rose last Friday’s U.S. session after the the Labor Department said the world’s largest economy added 157,000 new jobs in January, below economists’ expectations calling for 160,000 new jobs. The unemployment rate rose to 7.9% from 7.8%.
Still, riskier assets moved higher after the November and December jobs numbers were revised noticeably higher and a couple of other decent data points were absorbed by market participants.
In other U.S. economic news, University of Michigan-Thomson Reuters consumer sentiment survey rose to a January reading of 73.8, up from 72.9 in December. Economists expected a January reading of 71.5.
The Institute for Supply Management said its manufacturing index for January climbed to 53.1% from 50.2% in December. Economists expected a January reading of 51%. Readings above 50% indicate expansion.
Elsewhere, National Bank Financial published a report today saying the world is heading for a major gold production over the next several years. NBF said that starting in 2017, nearly all major gold producers could face production declines because discovery frequency will not be sufficient to replace current levels of production.
Lower production levels could boost gold prices and if the market believes production is expected to slide for multiple years, futures could surge.
Meanwhile, Comex silver for March delivery slipped 0.4% to USD31.830 per ounce while copper for March deliver added 0.16% to USD3.784 per ounce.