Investing.com - Gold futures traded slightly lower in the early part of Thursday’s Asian session despite supportive comments from the World Gold Council.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery inched down 0.02% to USD1,391.55 per troy ounce in Asian trading Thursday after closing up 0.61% at USD1,388.15 a troy ounce in U.S. trading on Wednesday.
Gold futures were likely to test support USD1,373.25 a troy ounce, Tuesday's low, and resistance at USD1,401.05, Tuesday's high.
A decent U.S. data point helped suppress the dollar while boosting gold a bit on Wednesday. In U.S. economic news, mortgage applications fell 9% last week, according to the Mortgage Bankers Association. The market composite index was down 8.8% on a seasonally adjusted basis for the week while the refinancing index dropped 12%.
The World Gold Council said Wednesday that second-quarter demand for bullion in Asia will reach a record as consumers take advantage of fresh supply that has come to market as investors have dumped shares of numerous gold-backed exchange traded funds.
The WGC said that even if U.S. investors continue to liquidate holdings of ETFs such as the SPDR Gold Shares, that gold will be consumed by buyers in China, India and the Middle East.
Indian imports of gold are expected to be 350-400 tons this quarter, up from 256 tons in the first quarter. The WGC added its expects Indian imports to be at the upper end of its 2013 forecast of 865-965 tons.
China imported 160-170 tons of gold last month, according to the WGC.
Elsewhere, Comex silver for July deliver fell 0.09% to USD22.433 per ounce while copper for July delivery dropped 0.30% to USD3.288 per ounce.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Gold inches lower despite WGC comments
Published 05/29/2013, 08:26 PM
Updated 05/29/2013, 08:27 PM
Gold inches lower despite WGC comments
Latest comments
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.