Investing.com - Gold futures were little changed in early European trade on Tuesday, remaining supported close to a two-week high as the U.S. dollar remained broadly weaker amid concerns over the strength of the U.S. economic recovery.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,664.05 a troy ounce during early U.S. morning trade, dipping 0.01%.
Gold futures were likely to find support at USD1,643.15 a troy ounce, the low of April 26 and resistance at USD1,668.65, the session high, and the pair’s highest since April 13.
Sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
But gold remained supported after official data showed that an index of Chinese manufacturing activity rose to a 13-month high of 53.3 in April from 53.1 the previous month. The data came in slightly below forecasts for a reading of 53.6.
The reaction to the data was somewhat subdued with many markets in Asia including China, Hong Kong, India and Singapore closed for national holidays.
Elsewhere, investors remained cautious amid concerns over the outlook for the euro zone, after official data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the bloc.
Market participants were also jittery ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
Elsewhere on the Comex, silver for July delivery slid 0.22% to trade at USD30.94 a troy ounce, while copper for July delivery advanced 0.57% to trade just below a three-month high at USD3.851 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,664.05 a troy ounce during early U.S. morning trade, dipping 0.01%.
Gold futures were likely to find support at USD1,643.15 a troy ounce, the low of April 26 and resistance at USD1,668.65, the session high, and the pair’s highest since April 13.
Sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
But gold remained supported after official data showed that an index of Chinese manufacturing activity rose to a 13-month high of 53.3 in April from 53.1 the previous month. The data came in slightly below forecasts for a reading of 53.6.
The reaction to the data was somewhat subdued with many markets in Asia including China, Hong Kong, India and Singapore closed for national holidays.
Elsewhere, investors remained cautious amid concerns over the outlook for the euro zone, after official data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the bloc.
Market participants were also jittery ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
Elsewhere on the Comex, silver for July delivery slid 0.22% to trade at USD30.94 a troy ounce, while copper for July delivery advanced 0.57% to trade just below a three-month high at USD3.851 a pound.