Gold prices rose in Asian trading on Monday, mainly due to a slightly weaker dollar.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.72% at USD1,670.05 a troy ounce.
Gold futures were likely to test support at USD1641.95 a troy ounce, Friday's low, and resistance at USD1,706.15, the high on March 13.
Talk that some investors are selling stocks in gold mining companies to return to bullion supported the metal.
Meanwhile in the U.S., weak housing data made gold more attractive on in Asia Monday.
On Friday, the U.S. Commerce Department reported that new single-family home sales fell 1.6% percent to a seasonally adjusted 313,000-unit annual rate in February.
January's figures were revised down to 318,000 units from a previously 321,000 reading.
The Federal Reserve says economic conditions warranting low interest rates will stick around through 2014, although the Fed has not said whether extraordinary measures like quantitative easing will be needed to further jolt the economy.
While individual Fed governors have stated their opinions on the matter, the Fed remains officially mute.
Easing measures weaken the dollar, and uncertainty as to whether the Fed will move has the dollar on edge lately.
Elsewhere on the Comex, silver for May delivery was down 0.70% and trading at USD32.375 a troy ounce, while copper for May delivery was up 0.08% and trading at USD3.811 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.72% at USD1,670.05 a troy ounce.
Gold futures were likely to test support at USD1641.95 a troy ounce, Friday's low, and resistance at USD1,706.15, the high on March 13.
Talk that some investors are selling stocks in gold mining companies to return to bullion supported the metal.
Meanwhile in the U.S., weak housing data made gold more attractive on in Asia Monday.
On Friday, the U.S. Commerce Department reported that new single-family home sales fell 1.6% percent to a seasonally adjusted 313,000-unit annual rate in February.
January's figures were revised down to 318,000 units from a previously 321,000 reading.
The Federal Reserve says economic conditions warranting low interest rates will stick around through 2014, although the Fed has not said whether extraordinary measures like quantitative easing will be needed to further jolt the economy.
While individual Fed governors have stated their opinions on the matter, the Fed remains officially mute.
Easing measures weaken the dollar, and uncertainty as to whether the Fed will move has the dollar on edge lately.
Elsewhere on the Comex, silver for May delivery was down 0.70% and trading at USD32.375 a troy ounce, while copper for May delivery was up 0.08% and trading at USD3.811 a pound.
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