Gold inches down on profit-taking
Published May 23, 2013 08:53PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for July delivery inched down 0.07% to USD1,390.85 per troy ounce in Asian trading Friday after settling up 1.36% at USD1,386.05 a troy ounce in U.S. trading on Thursday.
Gold futures were likely to test support USD1,353.55 a troy ounce, Wednesday's low, and resistance at USD1,413.05, Wednesday's high.
Gold’s safe-haven status, imperiled for much of this year as traders have favored the U.S. dollar, was reborn for at least one day Thursday. Following a turbulent Asian session that saw Japanese stocks plunge to their worst one-day performance in more than two years, U.S. stocks dipped at the open.
The situation was made worse by disappointing Chinese economic data. On Thursday, a preliminary reading of China’s HSBC manufacturing PMI fell to 49.6 from a final reading of 50.4 in April, missing market expectations for a 50.5 reading
U.S. economic data out Thursday was a bit better. In U.S. economic news, the U.S. Labor Department said initial claims for jobless benefits ell by 23,000 to 340,000 last week. Economists expected a reading of 345,000 new claims. The less volatile four-week moving average for May fell to 339,500 from 362,000.
The Commerce Department said new home sales rose 2.3% last month to a seasonally adjusted annual rate of 454,000 units. The median sales price rose 8.3%.
Meanwhile, Comex silver for July delivery nudged down 0.06% to USD22.495 while copper for July delivery fell 0.08% to USD3.315 per ounce.
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Written By: Investing.com
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