Investing.com - Gold futures edged lower to trade near a two-week low on Tuesday, amid concerns over how long the Federal Reserve will maintain the pace of its asset purchases.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,377.35 a troy ounce during European morning hours, down 0.6% on the day.
Comex gold prices held in a range between USD1,376.55 a troy ounce, the daily low and a session high of USD1,387.05 a troy ounce.
Gold futures were likely to find support at USD1,355.55 a troy ounce, the low from May 23 and near-term resistance at USD1,417.25, the high from June 7.
Speculation that the Fed will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
Elsewhere on the Comex, silver for July delivery dropped 1% to trade at USD21.70 a troy ounce, while copper for July delivery fell 0.85% to trade at USD3.213 a pound.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,377.35 a troy ounce during European morning hours, down 0.6% on the day.
Comex gold prices held in a range between USD1,376.55 a troy ounce, the daily low and a session high of USD1,387.05 a troy ounce.
Gold futures were likely to find support at USD1,355.55 a troy ounce, the low from May 23 and near-term resistance at USD1,417.25, the high from June 7.
Speculation that the Fed will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
Elsewhere on the Comex, silver for July delivery dropped 1% to trade at USD21.70 a troy ounce, while copper for July delivery fell 0.85% to trade at USD3.213 a pound.