Investing.com - Gold futures traded slightly higher during Monday’s Asian session even as traders pared long bets on the yellow metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.18% to USD1,390.05 per troy ounce in Asian trading Monday after posting a weekly gain of 0.55% last week.
Gold futures were likely to find support at USD1,366.25 a troy ounce, the low from June 11 and near-term resistance at USD1,401.05, the high from May 28.
Gold got a nice boost of 0.9% during last Friday’s U.S. session as stocks faltered following some tepid economic news.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading for the June consumer sentiment index fell to 82.7 from 84.5 in May. Economists expected a June reading of 84.5, which was an almost six-year high when reported last month.
Gold traded higher Monday in Asia even after data from the U.S. Commodity Futures Trading Commission indicated that traders reduced their long positions in gold futures and options contracts by 4.1% to 54,779 contracts.
While the data show long bets across 18 commodities inched up, traders doubled their short bets on copper, which has encountered some weakness in the face of slack Chinese economic data. China is the world’s largest consumer of the red metal.
A supply glut is also expected to weigh on copper prices. Last week, Goldman Sachs lowered its 12-month forecast for gold to USD1,345 per ounce.
Elsewhere, Comex silver for July delivery inched down 0.20% to USD21.950 while copper for July delivery added 0.94% to USD3.228 per ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.18% to USD1,390.05 per troy ounce in Asian trading Monday after posting a weekly gain of 0.55% last week.
Gold futures were likely to find support at USD1,366.25 a troy ounce, the low from June 11 and near-term resistance at USD1,401.05, the high from May 28.
Gold got a nice boost of 0.9% during last Friday’s U.S. session as stocks faltered following some tepid economic news.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading for the June consumer sentiment index fell to 82.7 from 84.5 in May. Economists expected a June reading of 84.5, which was an almost six-year high when reported last month.
Gold traded higher Monday in Asia even after data from the U.S. Commodity Futures Trading Commission indicated that traders reduced their long positions in gold futures and options contracts by 4.1% to 54,779 contracts.
While the data show long bets across 18 commodities inched up, traders doubled their short bets on copper, which has encountered some weakness in the face of slack Chinese economic data. China is the world’s largest consumer of the red metal.
A supply glut is also expected to weigh on copper prices. Last week, Goldman Sachs lowered its 12-month forecast for gold to USD1,345 per ounce.
Elsewhere, Comex silver for July delivery inched down 0.20% to USD21.950 while copper for July delivery added 0.94% to USD3.228 per ounce.