Gold trades lower, flirts with USD1,300 per ounce
Published Oct 09, 2013 09:05PM ET
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.37% to USD1,302.30 per troy ounce in Asian trading Thursday. The December contract settled lower by 1.31% at USD1,307.20 per ounce during Wednesday’s session.
Gold futures were likely to find support at USD1,278.20 a troy ounce, the low from Oct. 2, and resistance at USD1,330.10, Tuesday's high.
Clearly, gold has not gotten much of a lift on news that President Obama has nominated Federal Reserve Vice Chairwoman Janet Yellen to replace Ben Bernanke atop the Fed when Bernanke retires early next year.
While the rumor, which started during Wednesday’s Asian session, was confirmed Wednesday in the U.S., gold traders seem unimpressed or more focused on the fact that the U.S. government shutdown is approaching its tenth day.
Yellen was seen competing for the job against former Treasury Secretary Larry Summers, who bowed out of the race last month, and her nomination clears up policy uncertainty, which gave the dollar room to rise despite expectations for overall monetary policy to remain on the loose side.
In U.S. economic news out Wednesday, the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 1.3% for the week ending October 4. The index fell 0.4% in the prior week.
Elsewhere, Comex silver for December delivery rose 0.09% to USD21.910 per ounce while copper for December delivery advanced 0.35% to USD3.237 per ounce.
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Written By: Investing.com
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