Gold continues to fall in Asia
Published Aug 06, 2013 08:17PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for September delivery inched down 0.07% to USD1,281.60 per troy ounce in Asian trading Wednesday after falling 1.51% during Tuesday’s Asian session.
Gold futures were likely to find support at USD1,269.45 a troy ounce, the low from July 17, and resistance at USD1,319.85, Monday's high.
On Tuesday, official data revealed that German factory orders rose by 3.8% in June, surpassing market consensus forecasts calling for a 1.0% gain.
Orders within the euro zone rose 10% last month, while sales outside of the single currency block rose by just 0.9%. Germany is the euro zone’s largest economy. In brighter news, the International Monetary Fund boosted its German growth forecast to 1.4% in 2014 from a previous 1.3% forecasts and maintained its 2013 growth forecast at 0.3% in its annual report on the country.
Gold was also dinged during U.S. trade Tuesday after Federal Reserve member Richard Fisher, president of the Dallas Fed, said investors have become too dependent on the Fed backstopping riskier assets.
In comments made in Oregon, Fisher said, "Financial markets may have become too accustomed to what some have depicted as a Fed ‘put,’” or the idea that the central bank will loosen credit after a market decline."
Elsewhere, Comex silver for September delivery fell 0.63% to USD19.400 per ounce while copper for September delivery dropped 0.26% to USD3.165 per ounce.
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Written By: Investing.com
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