Investing.com - Gold prices tumbled to the lowest level since July on Wednesday, as sentiment on the precious metal remained bearish amid mounting concerns the Federal Reserve will start tapering its bond-buying program at one of its next few meetings.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,212.60 a troy ounce during European morning trade, down 0.65%.
Comex gold prices fell to a session low of USD1,211.90 a troy ounce earlier, the weakest level since July 5.
The February contract settled 0.09% lower on Tuesday to end at USD1,220.80 a troy ounce.
Gold futures were likely to find support at USD1,207.25 a troy ounce, the low from July 5 and resistance at USD1,225.80, the high from December 3.
Investors looked ahead to key U.S. economic data later in the week to further gauge the strength of the economy and the need for stimulus.
Later in the day, the U.S. was to release the ADP report on private sector job creation, as well as data on new home sales and the trade balance. In addition, the Institute of Supply Management was to release its services PMI.
The U.S. is also set to release data on third quarter gross domestic product on Thursday, while November’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
The Federal Reserve, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Gold is down approximately 28% this year, heading for the first annual loss in 13 years, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus.
Elsewhere on the Comex, silver for March delivery fell 0.6% to trade at USD18.94 a troy ounce, while copper for March delivery inched up 0.35% to trade at USD3.179 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,212.60 a troy ounce during European morning trade, down 0.65%.
Comex gold prices fell to a session low of USD1,211.90 a troy ounce earlier, the weakest level since July 5.
The February contract settled 0.09% lower on Tuesday to end at USD1,220.80 a troy ounce.
Gold futures were likely to find support at USD1,207.25 a troy ounce, the low from July 5 and resistance at USD1,225.80, the high from December 3.
Investors looked ahead to key U.S. economic data later in the week to further gauge the strength of the economy and the need for stimulus.
Later in the day, the U.S. was to release the ADP report on private sector job creation, as well as data on new home sales and the trade balance. In addition, the Institute of Supply Management was to release its services PMI.
The U.S. is also set to release data on third quarter gross domestic product on Thursday, while November’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
The Federal Reserve, which holds its next meeting on December 17-18, has said the timing of its tapering depends on the health of the labor and housing markets.
Gold is down approximately 28% this year, heading for the first annual loss in 13 years, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus.
Elsewhere on the Comex, silver for March delivery fell 0.6% to trade at USD18.94 a troy ounce, while copper for March delivery inched up 0.35% to trade at USD3.179 a pound.