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Gold up slightly after last week’s tumble

Published 06/02/2013, 08:36 PM
Updated 06/02/2013, 08:37 PM
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Gold up sInvesting.com - Gold futures rose modestly in the early part of Monday’s Asian session following dismal performance last week.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery inched up 0.08% to USD1,394.15 per troy ounce in Asian trading Monday after falling 1.75% last week. Gold futures were likely to find support at USD1,353.55 a troy ounce, the low from May 22 and resistance at USD1,421.25, Friday’s high and a two-week high.

Amid some end of month selling, gold was also pressured by economic data points late last week. In U.S. economic news, the Commerce Department said consumer spending fell 0.2% last month and the March reading was revised lower to show a gain of just 0.1%. Excluding food and energy expenditures, consumer spending was flat last month.

The Thomson Reuters/University of Michigan's final reading of May consumer sentiment jumped to to 84.5 from 76.4 in April. That was the best reading since April 2007 and beat economists’ expectations for a reading of 83.7.

Chicago PMI surged to 58.7 in May from 49 in April, easily topping economists’ expectations for a reading of 50. Readings above 50 indicate expansion.

Over the weekend, China’s National Bureau of Statistics said the country’s official PMI for May rose to 50.8 from 50.6 in April. That topped the 50.1 reading economists expected. Readings above 50 indicate expansion.

The official services PMI and focusing on smaller private sector companies are due to be released later Monday.

Elsewhere, Comex silver for July deliver rose 0.28% to USD22.305 an ounce while copper for July delivery jumped 1.69% to USD3.328 per ounce.


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