Investing.com - Gold futures traded modestly lower in the early part of Tuesday’s Asian session as traders speculated that physical demand for bullion may be waning.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery inched lower by 0.04% to USD1,433.75 per troy ounce in Asian trading Tuesday after settling down 0.21% at USD1,433.65 a troy ounce in U.S. trading on Monday.
Gold futures were likely to test support USD1,418.65 a troy ounce, Friday's low, and resistance at USD1,475.55, Wednesday's high.
Despite a lethargic day for U.S. equities, gold came under pressure following a decent April retail sales report. In U.S. economic news, U.S retail sales rose 0.1% in April following a decline in March. The increase was helped by 1% rise in auto sales. Excluding auto sales, U.S. retail sales fell 0.1% in April. That data was published by the U.S. Commerce Department.
April’s retail sales report prompted speculation that the Federal Reserve may be closer to scaling back stimulus programs, especially its USD85 billion monthly bond-buying program, which weaken the dollar to spur recovery.
Meanwhile, holdings of physical gold at the world’s major gold exchange traded funds fell 0.3% after rising on Friday for the first time in nearly two months. The SPDR Gold Shares, the world’s largest ETF backed by physical gold, was home to 1,051.65 tons of gold on Friday, a four-year low for the ETF.
Data from the U.S. Commodity Futures Trading Commission indicate hedge funds and other market participants have scaled back their long bets on gold due in part to the ETF outflows.
Elsewhere, Comex silver for July delivery fell 0.26% to USD23.635 per ounce while copper for July delivery rose 0.26% to USD3.365 per ounce.
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Gold slightly lower as ETF outflows continue
Published 05/13/2013, 08:19 PM
Updated 05/13/2013, 08:20 PM
Gold slightly lower as ETF outflows continue
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