Gold builds on U.S. gains during Asian trading
Published Jan 15, 2013 08:38PM ET
Investing.com - Gold futures rose slightly in the early part of Wednesday’s Asian session, building on gains seen during the U.S. session as traders warmed to news that Germany is looking to repatriate its gold reserves stored in other countries.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery rose 0.02% to USD1,679.55 in Asian trading Wednesday. During Tuesday’s U.S. session, the yellow metal settled up 0.76% at USD1,682.05 a troy ounce.
Gold futures were likely to test support USD1,653.55 a troy ounce, Friday's low, and resistance at USD1,695.35, the high from Jan. 2.
Gold was boosted by German press reports that said the Bundesbank, Germany’s central bank, has scheduled a press event for later today where it is widely expected the bank will address repatriating its gold reserves stored in New York, Paris and other foreign locations back to Germany.
Some traders view that as a sign Germany is not confident in the Federal Reserve’s ability to ensure strength in the U.S. dollar.
Elsewhere, platinum for April delivery fell 0.12% to USD1,683.25 per ounce. The white metal climbed USD31.70, or 1.9%, to USD1,689.90 per troy ounce, representing just the second time since the third quarter of 2011 that it has closed at a higher price than gold.
News of more labor strife in South Africa, one of the world’s largest platinum-producing nations, is seen as the catalyst behind the metal’s recent bullishness. Late last year, platinum and palladium futures rose on news of labor strikes at South African mines. The country is also the world’s second-largest palladium producer behind Russia. Palladium for March delivery added 0.07% to USD711.00 per ounce.
Meanwhile, Comex silver for March delivery added 0.13% to USD31.408 per ounce while copper for March delivery rose 0.1% to USD3.637.
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Written By: Investing.com
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