Gold futures rise after mixed U.S. data
Investing.com
Published Aug 16, 2013 08:46AM ET
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,366.30 a troy ounce during European afternoon hours, rising 0.35%.
The December contract settled up 2.06%, at USD1,360.9 a troy ounce on Thursday.
Gold futures were likely to find support at USD1,318.10 a troy ounce, Thursday's low and resistance at USD1,385.35, the high from June 18.
Official data showed that U.S. building permits rose 2.7% to 0.943 million units in July, disappointing expectations for an increase of 2.9% to 0.945 million units. The previous month's figure was revised up to 0.918 million units from 0.911 million.
The report also showed that housing starts rose 5.9% to 0.896 million units last month, confounding expectations for a 8.3% increase to 0.900 million units. The previous month's figure was revised up to 0.846 million units from 0.836 million.
Separately, the Bureau of Labor Statistics said in a preliminary report that nonfarm productivity rose 0.9% in the second quarter, beating expectations for a 0.6% gain, after a 1.7% decline in the previous quarter.
The mixed reports added to speculation that the U.S. economic recovery is not yet strong enough for the the Fed to begin scaling back its USD85 billion-a-month asset purchase program later this year.
The central bank is scheduled to meet September 17-18 to review the economy and assess policy.
Elsewhere on the Comex, silver for September delivery slipped 0.11% to trade at USD22.910 a troy ounce, while copper for September delivery climbed 0.72% to trade at USD3.362 a pound.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.