Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Gold falls on post-Summers news profit-taking

Commodities Sep 16, 2013 08:47PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
Gold
+3.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Copper
+1.33%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Silver
+4.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Investing.com - Gold futures traded lower in the early part of Tuesday’s Asian session as traders took profits in the yellow metal following Monday gains on news that former U.S. Treasury Secretary Larry Summers withdrew his name from consideration to be the next chairman of the Federal Reserve.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.15% to USD1,315.80 per troy ounce in Asian trading Tuesday. The December contract settled higher by 0.70% at USD1,317.80 per ounce on Monday.

Gold futures were likely to find support at USD1,304.80 a troy ounce, Friday's low, and resistance at USD1,393.80, the high from Sept. 8.

Summers was widely viewed by market participants as President Barack Obama’s first choice to lead the Fed when current Chairman Ben Bernanke retires in January. Now, the focus is on Fed Vice Chairwoman Janet Yellen as Bernanke’s likely successor.

Yellen is viewed by many as willing to keep stimulus measures in play for as long as possible in order to lower unemployment rates. Gold has been the beneficiary over the Fed's three rounds of bond purchases since the recession, which have weakened the dollar to spur recovery.

Gold was also supported by some decent U.S. data out Monday. In U.S. economic news out Monday, a report from the Federal Reserve today showed U.S. industrial production rose 0.4% last month after a flat reading in July. The August increase was the biggest in six months. Housing and automobile production paced the gains.

The New York Federal Reserve’s Empire State Manufacturing survey fell to 6.29 from 8.24 in August. Economists expected a reading of 9.20. The new orders index rose to 2.35 from 0.27 while shipments soared to 16.43, the highest level in more than a year, from 1.47. Readings above zero indicate expansion.

Elsewhere, Comex silver for December delivery slipped 0.64% to USD21.868 per ounce while copper for December delivery fell 0.06% to USD3.213.


Gold falls on post-Summers news profit-taking
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email