Investing.com - Gold prices were steady in Asian trading Tuesday, tapping the brakes on another day of gains from concerns the Federal Reserve will feel compelled to kick-start economic growth through monetary stimulus measures that traditionally send gold rising.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.02% at USD1,643.55 a troy ounce in Asian trading on Tuesday.
Gold futures were likely to test support at USD1621.25 a troy ounce, Thursday's low, and resistance at USD1,682.65, Tuesday's high.
Dismal jobs data hit the wire in the U.S. last Friday when the Bureau of Labor Statistics reported the economy added a net 120,000 nonfarm payrolls in March, well below the range of most market expectations.
The government revised February’s payrolls to 240,000 from 227,000, but cut January's figure by 9,000 to 275,000.
The numbers fueled sentiments that the Federal Reserve may consider stimulating the economy by buying bonds from banks, known as quantitative easing, under which the Fed pumps liquidity into the economy in a way that weakens the dollar in exchange for increased job creation.
Liquidity injections both weaken the dollar and spur inflationary pressures as well, a healthy cocktail for rising gold prices.
Federal Reserve Chairman Ben Bernanke appeared in public in the U.S. on Monday, not long before Asia's Tuesday opening, addressing financial stability but largely avoided monetary policy.
Elsewhere on the Comex, silver for May delivery was up 0.30% and trading at USD31.618 a troy ounce, while copper for May delivery was up 0.58% and trading at USD3.735 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded down 0.02% at USD1,643.55 a troy ounce in Asian trading on Tuesday.
Gold futures were likely to test support at USD1621.25 a troy ounce, Thursday's low, and resistance at USD1,682.65, Tuesday's high.
Dismal jobs data hit the wire in the U.S. last Friday when the Bureau of Labor Statistics reported the economy added a net 120,000 nonfarm payrolls in March, well below the range of most market expectations.
The government revised February’s payrolls to 240,000 from 227,000, but cut January's figure by 9,000 to 275,000.
The numbers fueled sentiments that the Federal Reserve may consider stimulating the economy by buying bonds from banks, known as quantitative easing, under which the Fed pumps liquidity into the economy in a way that weakens the dollar in exchange for increased job creation.
Liquidity injections both weaken the dollar and spur inflationary pressures as well, a healthy cocktail for rising gold prices.
Federal Reserve Chairman Ben Bernanke appeared in public in the U.S. on Monday, not long before Asia's Tuesday opening, addressing financial stability but largely avoided monetary policy.
Elsewhere on the Comex, silver for May delivery was up 0.30% and trading at USD31.618 a troy ounce, while copper for May delivery was up 0.58% and trading at USD3.735 a pound.