Investing.com - Gold futures were little changed in rangebound trade on Monday, as market players speculated whether the Federal Reserve will keep its loose monetary policy in place for the indefinite future.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,574.95 a troy ounce during U.S. morning trade, almost flat on the day.
Comex gold prices held in a tight range between USD1,572.45 a troy ounce, the daily low and a session high of USD1,582.85 a troy ounce, the strongest level since April 2.
Gold prices were likely to find support at USD1,539.85 a troy ounce, the low from April 4 and an 11-month low and resistance at USD1,604.25, the high from April 2.
Gold remained supported after the U.S. Department of Labor said Friday the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000.
The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The participation rate fell to 63.3%, the lowest level since 1979.
The dismal jobs report fuelled fears that the recovery in the labor market is losing momentum, easing recent jitters the Fed would start to withdraw its super easy monetary policy.
The central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.
Investors will now be on the lookout for a speech by Fed Chairman Ben Bernanke later in the day. Bernanke will deliver a speech to an Atlanta Fed conference on lessons from the stress tests.
Gold traders are also awaiting the release of the minutes of the Fed’s March policy meeting on Wednesday for further hints on the future of its monetary policy.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank could bring quantitative easing, one of the biggest boosts to gold’s bull run, to an end this year.
Elsewhere on the Comex, silver for May delivery eased down 0.15% to trade at USD27.17 a troy ounce, while copper for May delivery rose 0.75% to trade at USD3.369 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,574.95 a troy ounce during U.S. morning trade, almost flat on the day.
Comex gold prices held in a tight range between USD1,572.45 a troy ounce, the daily low and a session high of USD1,582.85 a troy ounce, the strongest level since April 2.
Gold prices were likely to find support at USD1,539.85 a troy ounce, the low from April 4 and an 11-month low and resistance at USD1,604.25, the high from April 2.
Gold remained supported after the U.S. Department of Labor said Friday the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000.
The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but the decline stemmed from more people dropping out of the labor force. The participation rate fell to 63.3%, the lowest level since 1979.
The dismal jobs report fuelled fears that the recovery in the labor market is losing momentum, easing recent jitters the Fed would start to withdraw its super easy monetary policy.
The central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.
Investors will now be on the lookout for a speech by Fed Chairman Ben Bernanke later in the day. Bernanke will deliver a speech to an Atlanta Fed conference on lessons from the stress tests.
Gold traders are also awaiting the release of the minutes of the Fed’s March policy meeting on Wednesday for further hints on the future of its monetary policy.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank could bring quantitative easing, one of the biggest boosts to gold’s bull run, to an end this year.
Elsewhere on the Comex, silver for May delivery eased down 0.15% to trade at USD27.17 a troy ounce, while copper for May delivery rose 0.75% to trade at USD3.369 a pound.