Investing.com - Gold futures were under pressure on Tuesday, as the U.S. dollar was broadly higher as investors awaited Wednesday’s Federal Reserve minutes and testimony on the economy by Fed Chairman Ben Bernanke.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,371.95 a troy ounce during U.S. morning hours, down 0.9% on the day.
Comex gold prices rose by as much as 1% earlier in the session to hit a daily high of USD1,399.55 a troy ounce, before turning sharply lower.
Gold futures were likely to find support at USD1,337.85 a troy ounce, the previous session’s low and resistance at USD1,420.30, the high from April 19.
Gold prices have been under heavy selling pressure in recent sessions amid expectations the Fed will wind down its stimulus program, citing indications of an improving U.S. economic outlook.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.3% to trade at 84.17.
A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Gold traders are now looking ahead to Wednesday’s Federal Reserve minutes, as well as testimony on the economic outlook and monetary policy by Fed Chairman Ben Bernanke.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
Elsewhere on the Comex, silver for July delivery tumbled 1.2% to trade at USD22.30 a troy ounce, while copper for July delivery added 0.4% to trade at USD3.373 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,371.95 a troy ounce during U.S. morning hours, down 0.9% on the day.
Comex gold prices rose by as much as 1% earlier in the session to hit a daily high of USD1,399.55 a troy ounce, before turning sharply lower.
Gold futures were likely to find support at USD1,337.85 a troy ounce, the previous session’s low and resistance at USD1,420.30, the high from April 19.
Gold prices have been under heavy selling pressure in recent sessions amid expectations the Fed will wind down its stimulus program, citing indications of an improving U.S. economic outlook.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.3% to trade at 84.17.
A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Gold traders are now looking ahead to Wednesday’s Federal Reserve minutes, as well as testimony on the economic outlook and monetary policy by Fed Chairman Ben Bernanke.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.
Elsewhere on the Comex, silver for July delivery tumbled 1.2% to trade at USD22.30 a troy ounce, while copper for July delivery added 0.4% to trade at USD3.373 a pound.