Investing.com - Gold prices fell Friday as investors worldwide sold the metal and bought dollars to go out and invest in U.S. stocks, which were buoyed on news of strong home sales and orders for durable goods.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,607.45 a troy ounce U.S. trading, down 0.20%.
Gold futures were likely to test support at USD1,599.65 a troy ounce, Thursday's low, and resistance at USD1,643.65. Wednesday's high.
Earlier on Friday, the government reported that new-home sales hit 315,000, up 1.6% above October's revised rate of 310,000, while durable goods orders rose a better-than-expected 3.8% in November from October.
Both indicators came amid a week marked by bullish U.S. economic indicators, including falling initial jobless claims and dwindling oil inventories, all of which point to an economy that shows signs of gaining steam.
The news prompted investors to sell gold and buy the metal's traditional hedge, the dollar, so they could invest in U.S. equities or other assets that would bolster from a U.S. recovery.
The Dow Jones Industrial Average was up 0.72% in midday trading.
Elsewhere on the Comex, silver futures for March delivery were up 0.25% and trading at USD29.120 a troy ounce, while copper futures for March were up 1.61% at USD3.470 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,607.45 a troy ounce U.S. trading, down 0.20%.
Gold futures were likely to test support at USD1,599.65 a troy ounce, Thursday's low, and resistance at USD1,643.65. Wednesday's high.
Earlier on Friday, the government reported that new-home sales hit 315,000, up 1.6% above October's revised rate of 310,000, while durable goods orders rose a better-than-expected 3.8% in November from October.
Both indicators came amid a week marked by bullish U.S. economic indicators, including falling initial jobless claims and dwindling oil inventories, all of which point to an economy that shows signs of gaining steam.
The news prompted investors to sell gold and buy the metal's traditional hedge, the dollar, so they could invest in U.S. equities or other assets that would bolster from a U.S. recovery.
The Dow Jones Industrial Average was up 0.72% in midday trading.
Elsewhere on the Comex, silver futures for March delivery were up 0.25% and trading at USD29.120 a troy ounce, while copper futures for March were up 1.61% at USD3.470 a pound.