Please try another search
Investing.com - Gold prices held steady in European morning hours on Friday, as gains were capped as the stronger U.S. dollar continued to weigh on demand for the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were little changed at $1,097.60.
The February contract ended Thursday's session 0.72% lower at $1,098.20 an ounce.
Futures were likely to find support at $1,084.90, the low of January 19 and resistance at $1,109.90, the high of January 20.
The dollar strengthened against the euro after European Central Bank President Mario Draghi said on Thursday that it would be necessary to “review and reconsider” the bank’s monetary policy stance at its next meeting in March, when new economic projections become available.
He said lower oil prices should help consumers and businesses, but the risks to euro zone growth remained to the downside.
The ECB left the deposit rate at -0.3% after December’s cut and held the benchmark refinancing rate steady at 0.05%.
The bank expects interest rates to remain at present or lower levels for an extended period of time, Draghi said.
Market participans were eyeing the release of U.S. existing home sales data later in the day, after a batch of rather disappointing reports were published on Thursday.
The Department of Labor reported that the number of people who filed for unemployment assistance in the U.S. rose to the highest level since April last week.
A separate report showed that manufacturing activity in the Philadelphia-region contracted for the second straight month in January, the latest indication that growth stalled in the fourth quarter.
Elsewhere in metals trading, silver futures for March delivery slipped 0.21% to $14.075 a troy ounce, while copper futures for March delivery rose 0.30% to $2.006 a pound.
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.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.