Investing.com - Gold futures were largely unchanged in late Asian trade on Thursday, holding in a tight range as investors remained cautious ahead of a possible missile launch by North Korea, though prices remained supported amid indications of robust demand from China for the yellow metal.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,659.45 a troy ounce during late Asian trade, easing down 0.05%.
The June contract traded in between a narrow range of USD1,657.05, the daily low and a session high of USD1,661.45. Prices rose to USD1,663.95 on Tuesday, the highest since April 3.
Gold futures were likely to find support at USD1,613.55 a troy ounce, the low from April 4 and resistance at USD1,685.25, the high from April 2.
Worries that North Korea will test a long-range rocket cast a shadow over trading during Asian hours. North Korea has said that it plans to carry out the launch sometime between Thursday and Monday, between the hours of 7 a.m. and noon, local time.
Though Japan's top government spokesman stated that there hasn't been any sign of a rocket launch from North Korea, the Nikkei business daily reported Thursday
The Japanese government is on high alert and will deploy defense systems to intercept the rocket if it looks set to fall on the country, the Nikkei reported.
Prices remained supported after data showed that Hong Kong's gold exports to mainland China rose 20% percent in February from a month earlier, as appetite for the precious metal remains strong in China
The Asian nation is expected to overtake India as the world's top gold consumer this year.
Market participants speculated that China’s central bank may have contributed to the strong monthly figure. In late March, the Financial Times reported that the drop in prices at the time prompted one or more central banks to buy as much as four tonnes of bullion.
French lender Societe Generale said in a report Wednesday that, "On the public level, China's central bank will continue to accumulate gold, which is easier than liberalizing their capital account and currency."
The report added that building gold reserves would help China's push to turn the yuan into a global currency.
Gold prices have been stuck in a narrow trading pattern in recent days, as investors search for the next catalyst to take prices higher.
Gold investors will be closely watching U.S. data in the second quarter for clues as to the likelihood of a fresh round of monetary easing, as well as developments surrounding the euro zone’s ongoing debt crisis amid concerns Spain will be the next country to require a bailout.
Elsewhere on the Comex, silver for May delivery added 0.3% to trade at USD31.61 a troy ounce, while copper for May delivery rose 0.9% to trade at USD3.672 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,659.45 a troy ounce during late Asian trade, easing down 0.05%.
The June contract traded in between a narrow range of USD1,657.05, the daily low and a session high of USD1,661.45. Prices rose to USD1,663.95 on Tuesday, the highest since April 3.
Gold futures were likely to find support at USD1,613.55 a troy ounce, the low from April 4 and resistance at USD1,685.25, the high from April 2.
Worries that North Korea will test a long-range rocket cast a shadow over trading during Asian hours. North Korea has said that it plans to carry out the launch sometime between Thursday and Monday, between the hours of 7 a.m. and noon, local time.
Though Japan's top government spokesman stated that there hasn't been any sign of a rocket launch from North Korea, the Nikkei business daily reported Thursday
The Japanese government is on high alert and will deploy defense systems to intercept the rocket if it looks set to fall on the country, the Nikkei reported.
Prices remained supported after data showed that Hong Kong's gold exports to mainland China rose 20% percent in February from a month earlier, as appetite for the precious metal remains strong in China
The Asian nation is expected to overtake India as the world's top gold consumer this year.
Market participants speculated that China’s central bank may have contributed to the strong monthly figure. In late March, the Financial Times reported that the drop in prices at the time prompted one or more central banks to buy as much as four tonnes of bullion.
French lender Societe Generale said in a report Wednesday that, "On the public level, China's central bank will continue to accumulate gold, which is easier than liberalizing their capital account and currency."
The report added that building gold reserves would help China's push to turn the yuan into a global currency.
Gold prices have been stuck in a narrow trading pattern in recent days, as investors search for the next catalyst to take prices higher.
Gold investors will be closely watching U.S. data in the second quarter for clues as to the likelihood of a fresh round of monetary easing, as well as developments surrounding the euro zone’s ongoing debt crisis amid concerns Spain will be the next country to require a bailout.
Elsewhere on the Comex, silver for May delivery added 0.3% to trade at USD31.61 a troy ounce, while copper for May delivery rose 0.9% to trade at USD3.672 a pound.