Gold inches higher after impressive U.S. showing
Published Jul 08, 2013 08:43PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery inched up 0.05% to USD1,235.55 per troy ounce in Asian trading Tuesday after settling up 1.93% at USD1,236.05 a troy ounce in U.S. trading on Monday.
Gold futures were likely to find support at USD1,207.25 a troy ounce, Friday's low, and resistance at USD1,266.55, Tuesday's high.
U.S. equities trader higher and the dollar fell as traders continued to warm to last Friday’s bullish jobs report, which made the dollar less attractive as risk appetite increased.
Last Friday, the Bureau of Labor Statistics reported the U.S. economy added 195,000 nonfarm payrolls in June, well above analysts' calls for a 165,000 increase. May's figure was revised upwards to 195,000 jobs from 175,000, while April's figure was revised upwards to 199,000 from 149,000.
Those data points stoked speculation the Federal Reserve could move to taper its USD85 billion-per-month bond-buying program, which would likely pressure gold, but bullion has proven resilient in recent days, perhaps catching a small bounce on the back of some short-covering.
Investors kept an eye out towards the release of the minutes from the Federal Reserve's June meeting on Wednesday, hoping to gain further insight on the direction of U.S. monetary policy.
Elsewhere, Comex silver for September delivery fell 0.33% to USD18.975 an ounce while copper for September delivery dropped 0.48% to USD3.089 per ounce. Palladium for September delivery fell 0.44% to USD693.70 per ounce.
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Written By: Investing.com
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