Investing.com - Gold futures traded lower during Friday’s Asian session as traders booked profits in the yellow metal following a strong showing Thursday.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.34% to USD1,345.70 per ounce in Asian trading Friday. The December contract settled higher by 1.22% at USD1,350.30 per ounce on Thursday.
Gold futures were likely to find support at USD1,310.10 a troy ounce, Tuesday's low, and resistance at USD1,375.10, he high from Sept. 19.
Gold traded higher Thursday on the back of a key data point out of the U.S., the world’s largest economy. In U.S. economic news out Thursday, the Department of Labor reported earlier that the number of individuals filing for initial jobless benefits declined by 12,000 to a seasonally adjusted 350,000. Analysts had expected U.S. jobless claims to fall by 22,000 to 340,000 last week.
Earlier this week, the Department of Labor reported that U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.
A separate report showed that the U.S. trade deficit widened 0.4% to a seasonally adjusted USD38.8 billion in August from a deficit of USD38.6 billion in July. Economists had forecast a deficit of USD39.5 billion.
The disappointing claims number was enough to send traders into gold on speculation that a mounting batch of tepid jobs data will be enough to keep the Federal Reserve from tapering its quantitative easing program before next year.
Elsewhere, Comex silver for December delivery fell 0.61% to USD22.682 per ounce while copper for December delivery inched down 0.02% to USD3.269 an ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.34% to USD1,345.70 per ounce in Asian trading Friday. The December contract settled higher by 1.22% at USD1,350.30 per ounce on Thursday.
Gold futures were likely to find support at USD1,310.10 a troy ounce, Tuesday's low, and resistance at USD1,375.10, he high from Sept. 19.
Gold traded higher Thursday on the back of a key data point out of the U.S., the world’s largest economy. In U.S. economic news out Thursday, the Department of Labor reported earlier that the number of individuals filing for initial jobless benefits declined by 12,000 to a seasonally adjusted 350,000. Analysts had expected U.S. jobless claims to fall by 22,000 to 340,000 last week.
Earlier this week, the Department of Labor reported that U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.
A separate report showed that the U.S. trade deficit widened 0.4% to a seasonally adjusted USD38.8 billion in August from a deficit of USD38.6 billion in July. Economists had forecast a deficit of USD39.5 billion.
The disappointing claims number was enough to send traders into gold on speculation that a mounting batch of tepid jobs data will be enough to keep the Federal Reserve from tapering its quantitative easing program before next year.
Elsewhere, Comex silver for December delivery fell 0.61% to USD22.682 per ounce while copper for December delivery inched down 0.02% to USD3.269 an ounce.