Investing.com - Gold prices extended Friday's losses in Asian trading on Monday, falling as demand for the metal's traditional hedge the dollar rose on concerns fresh headwinds are stirring on the horizon for the global economy.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.58% at USD1,650.65 a troy ounce in U.S. trading on Friday.
Gold futures were likely to test support at USD1633.05 a troy ounce, Tuesday's low, and resistance at USD1,681.15, Thursday's high.
Rising yields in Spanish government bond auctions are fueling more and more calls for the European Central Bank to intervene and buy the country's debt, which would ease more immediate credit concerns.
European officials are reportedly prepared to ask the International Monetary Fund to boost its war chest to contain the crisis, arguing they've made enough reform to merit more rescue funding should it be needed.
In China, the country's gross domestic product grew 8.1% in the first quarter, below expectations for 8.3% growth and well beneath the fourth quarter's 8.9% expansion, which prompted investors worldwide to snap up greenbacks early Monday, selling gold in the process.
China over the weekend widened the trading band it sets for the yuan, giving the currency a wider range to trade against the greenback, which does show Beijing has more faith in the economy.
Gold has posted major gains in recent years, and some market watchers have said they wouldn't be surprised to see the metal spend 2012 correcting.
Elsewhere on the Comex, silver for May delivery was down 0.24% and trading at USD31.315 a troy ounce, while copper for May delivery was down 0.86% and trading at USD3.586 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.58% at USD1,650.65 a troy ounce in U.S. trading on Friday.
Gold futures were likely to test support at USD1633.05 a troy ounce, Tuesday's low, and resistance at USD1,681.15, Thursday's high.
Rising yields in Spanish government bond auctions are fueling more and more calls for the European Central Bank to intervene and buy the country's debt, which would ease more immediate credit concerns.
European officials are reportedly prepared to ask the International Monetary Fund to boost its war chest to contain the crisis, arguing they've made enough reform to merit more rescue funding should it be needed.
In China, the country's gross domestic product grew 8.1% in the first quarter, below expectations for 8.3% growth and well beneath the fourth quarter's 8.9% expansion, which prompted investors worldwide to snap up greenbacks early Monday, selling gold in the process.
China over the weekend widened the trading band it sets for the yuan, giving the currency a wider range to trade against the greenback, which does show Beijing has more faith in the economy.
Gold has posted major gains in recent years, and some market watchers have said they wouldn't be surprised to see the metal spend 2012 correcting.
Elsewhere on the Comex, silver for May delivery was down 0.24% and trading at USD31.315 a troy ounce, while copper for May delivery was down 0.86% and trading at USD3.586 a pound.