Breaking News

Gold trims gains after upbeat U.S. housing, consumer data

CommoditiesJun 24, 2014 10:14AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Gold off the highs after upbeat U.S. housing, confidence data

Investing.com - Gold prices trimmed gains to trade little changed on Tuesday, as investors digested a raft of better than expected U.S. economic data.

On the Comex division of the New York Mercantile Exchange, gold for August delivery rose to a session high of $1,326.60 a troy ounce, the most since April 15, before trimming gains to last trade at $1,319.00 during U.S. morning hours, up 0.05%, or 60 cents.

Gold ended Monday’s session up 0.14%, or $1.80, to settle at $1,318.40. Prices were likely to find support at $1,276.20, the low from June 19 and resistance at $1,331.40, the high from April 14.

Also on the Comex, silver for September delivery tacked on 0.23%, or 4.9 cents, to trade at $21.01 a troy ounce. Prices rallied to $21.22 earlier in the session, the highest level since March 18.

Data released earlier showed that new home sales soared by 18.6% to hit a six-year high of 504,000 units in May, blowing past expectations for a gain of 1.6% to 440,000.

At the same time, the Conference Board said its index of consumer confidence rose to a six-year high of 85.2 in June from a reading of 82.2 in May. Analysts expected the index to rise to 83.5 in June.

The robust data underlined the view that the U.S. economy was regaining traction after being slowed by unusually cold temperatures during the winter months.

Meanwhile, concerns about ongoing violence in Iraq lingered, as militants from the Islamic State of Iraq and the Levant seized control of key areas near the border with Jordan and Syria over the weekend.

Iraqi Prime Minister Nuri al-Maliki has agreed to a July 1 deadline to create a new government, a step required by Washington if Baghdad receives U.S. assistance in battling the insurgents.

Elsewhere in metals trading, copper for September delivery eased up 0.05%, or 0.2 cents, to trade at $3.144 a pound.

Gold trims gains after upbeat U.S. housing, consumer data

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post also to:
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email