Investing.com - Gold futures declined slightly during Thursday’s Asian session, although the small retreat extended losses from the U.S. session and means bullion is once again languishing below the psychologically important USD1,650 per troy ounce level.
On the Comex Division of the New York Mercantile Exchange, gold futures for April delivery fell 0.03% to USD1,644.55 per troy ounce in Asian trading Thursday. The yellow metal settled down 0.25% at USD1,645.55 a troy ounce in U.S. trading on Wednesday.
Gold futures were likely to test support USD1,639.65 a troy ounce, Tuesday's, and resistance at USD1,670.25, Monday's high.
Some decent developed world economic data points may be challenging gold’s safe-haven status in the near-term. On Wednesday. Euro zone idustrial production rose 0.7% in December, beating expectations for a 0.2% increase and well above November's 0.7% contraction.
Germany, the euro zone’s largest economy, said December industrial production rose 0.8% after falling for the four previous consecutive months, lifting risk appetite along the way.
Physical demand is still seen as slow though. The SPDR Gold Shares, the largest ETF backed by physical holdings of gold, said holdings fell to 1325.99 tons on Wednesday from 1326.89 tons on Tuesday.
Some traders expect gold will move higher over the next couple of days as markets anticipate news out of the G20 meeting in Moscow. That even starts on Friday and lasts through Saturday.
Elsewhere, palladium for March delivery rose 0.27% to USD769.50 per ounce. The white metal is hovering around 17-month highs. Silver for March delivery fell 0.17% to USD30.815 per ounce while copper for March delivery gained 0.04% to 3.743 per ounce.
On the Comex Division of the New York Mercantile Exchange, gold futures for April delivery fell 0.03% to USD1,644.55 per troy ounce in Asian trading Thursday. The yellow metal settled down 0.25% at USD1,645.55 a troy ounce in U.S. trading on Wednesday.
Gold futures were likely to test support USD1,639.65 a troy ounce, Tuesday's, and resistance at USD1,670.25, Monday's high.
Some decent developed world economic data points may be challenging gold’s safe-haven status in the near-term. On Wednesday. Euro zone idustrial production rose 0.7% in December, beating expectations for a 0.2% increase and well above November's 0.7% contraction.
Germany, the euro zone’s largest economy, said December industrial production rose 0.8% after falling for the four previous consecutive months, lifting risk appetite along the way.
Physical demand is still seen as slow though. The SPDR Gold Shares, the largest ETF backed by physical holdings of gold, said holdings fell to 1325.99 tons on Wednesday from 1326.89 tons on Tuesday.
Some traders expect gold will move higher over the next couple of days as markets anticipate news out of the G20 meeting in Moscow. That even starts on Friday and lasts through Saturday.
Elsewhere, palladium for March delivery rose 0.27% to USD769.50 per ounce. The white metal is hovering around 17-month highs. Silver for March delivery fell 0.17% to USD30.815 per ounce while copper for March delivery gained 0.04% to 3.743 per ounce.