Gold slightly lower, backs off four-week highs
Published Oct 23, 2013 08:31PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery lost 0.07% to USD1,333.00 per troy ounce in Asian trading Thursday. The December contract settled lower by 0.64% at USD1,334.00 an ounce on Wednesday.
Gold futures were likely to find support at USD1,310.10 a troy ounce, Tuesday's low, and resistance at USD1,344.70, Tuesday's high.
Gold rallied earlier this week after a weak September non-farm payroll report out of the U.S. bolstered the yellow metal’s safe-haven allure and touched off speculation tapering of the Federal Reserve’s USD85 billion-a-month monetary easing program is not as imminent as some traders previously expected.
On Tuesday, the Department of Labor said on Tuesday the U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.
The previous month’s figure was revised up to a gain of 193,000 from a previously reported increase of 169,000.
July's figure was revised down to 89,000 from 104,000. The unemployment rate ticked down to a four-and-a-half year low of 7.2% from 7.3% in August due in part to more people dropping out of the labor force.
That jobs data probably is not strong enough to motivate the Fed to taper. The central bank has previously said its tapering plans are linked to economic data, not a calendar.
Elsewhere, Comex silver for December delivery was flat at USD22.618 per ounce while copper for December delivery rose 0.26% to USD3.274 per ounce.
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Written By: Investing.com
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