Gold slightly lower following U.S. data points
Published Mar 13, 2013 08:57PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.08% to USD1,587.10 per troy ounce in Asian trading Thursday after settling lower by 0.33% at USD1,586.50 a troy ounce in U.S. trading on Wednesday.
Gold futures were likely to test support USD1,574.60 a troy ounce, Monday's low, and resistance at USD1,1619.40, the high from Feb. 26.
In U.S. economic news, the Commerce Department said U.S. retail sales rose 0.6% last month. Core sales, excluding gasoline and construction sales, rose 0.4%. Auto sales climbed 1.1% after rising 0.4% in January.
In a separate report, the Commerce Department said business inventories rose 1% in January, the biggest increase since May 2011. The January reading topped December’s reading of a gain of 0.3%. Economists expected a January gain of 0.5%.
Gold has recently been hampered by soaring U.S. equities, which have put a damper on the yellow metal’s allure as a safe-haven investment. However, Wednesday’s data points out of the U.S. fueled speculation that the Federal Reserve could look to end its asset-buying program known as quantitative easing if the U.S. economy continues to gain steam.
The central bank has pledged to keep interest rates low until the U.S. unemployment rate falls below 6.5%. It currently stands at 7.7%.
Elsewhere, Comex silver for May delivery fell 0.20% to USD28.900 per ounce while copper for May delivery rose 0.08% to 3.531 per ounce.
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Written By: Investing.com
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