source : www.investing.com
Investing.com
- Gold futures edged higher during European early afternoon trading
hours on Thursday, as worries of a possible U.S. federal debt default
supported safe haven demand, while investors awaited the release of U.S.
economic reports later in the day.
Gains were limited however by ongoing speculation over the timing of the Federal Reserve’s widely-expected reduction in monthly bond purchases.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,337.30 a troy ounce during European afternoon hours, up 0.10%.
The December contract ended 0.8% lower on Tuesday to settle at USD1,316.30 a troy ounce.
Gold futures were likely to find support at USD1,316.70 a troy ounce, Wednesday's low and resistance at USD1,366.50, the high from September 20.
Gold prices found support amid U.S. budget concerns, as Republican leaders in the U.S. House of Representatives notified members that a vote on raison the debt limit could come as early as Friday.
The U.S. Congress is struggling to pass a spending bill to keep the government funded beyond October 1.
Meanwhile, investors were eyeing the final reading of U.S. second quarter gross domestic product due later in the day, after a recent string of economic reports underlined concerns over the outlook for the U.S. economic recovery.
Stronger-than-expected GDP data would likely fuel speculation that the Fed could announce a stimulus reduction before the year end.
Last week, the Fed said it wanted to see more evidence of a sustained economic recovery before it reduced stimulus.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its quantitative easing program sooner-than-expected.
Elsewhere on the Comex, silver for December delivery climbed 0.40% to trade at USD21.973 a troy ounce, while copper for December delivery jumped 1.23% to trade at USD3.312 a pound.
Gains were limited however by ongoing speculation over the timing of the Federal Reserve’s widely-expected reduction in monthly bond purchases.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,337.30 a troy ounce during European afternoon hours, up 0.10%.
The December contract ended 0.8% lower on Tuesday to settle at USD1,316.30 a troy ounce.
Gold futures were likely to find support at USD1,316.70 a troy ounce, Wednesday's low and resistance at USD1,366.50, the high from September 20.
Gold prices found support amid U.S. budget concerns, as Republican leaders in the U.S. House of Representatives notified members that a vote on raison the debt limit could come as early as Friday.
The U.S. Congress is struggling to pass a spending bill to keep the government funded beyond October 1.
Meanwhile, investors were eyeing the final reading of U.S. second quarter gross domestic product due later in the day, after a recent string of economic reports underlined concerns over the outlook for the U.S. economic recovery.
Stronger-than-expected GDP data would likely fuel speculation that the Fed could announce a stimulus reduction before the year end.
Last week, the Fed said it wanted to see more evidence of a sustained economic recovery before it reduced stimulus.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its quantitative easing program sooner-than-expected.
Elsewhere on the Comex, silver for December delivery climbed 0.40% to trade at USD21.973 a troy ounce, while copper for December delivery jumped 1.23% to trade at USD3.312 a pound.
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