Gold futures fall in Asian trading

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Investing.com - Gold futures fell on Monday during Asian trading hours as prospects of further stimulus tapering by the Federal Reserve weighed on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,243.10 a troy ounce on Monday, down 0.09%.

During previous session Comex gold prices traded between the range of USD1,241.90 a troy ounce and USD1,243.90 and closed at 1,244.20.

Gold futures are likely to find support at USD1,230.80 a troy ounce, the low from January 23 and resistance at USD1,270.70, the high from January 29.

During the last week, the April Comex gold contract declined 1.58%, the first weekly loss in six weeks.

On Friday, U.S. data showed that consumer spending rose 0.4% in December, above expectations for an increase of 0.2%.

During this week, investors will be keenly anticipating Friday's U.S. nonfarm payrolls report for January after December's report showed that the economy added far fewer jobs than expected.

Some market participants believe the Fed will taper its bond purchases by USD10 billion in each of its next six meetings before ending the program in December 2014, amid indications of an improving U.S. economy.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers raised their bullish bets in gold futures in the week ending January 28.

Gross long gold positions rose by 6,273 contracts to 120,096, while gross short positions fell by 11,047 lots to 59,424. Net longs totaled 60,672 contracts, compared to 43,353 in the preceding week.

Elsewhere on the Comex, silver for March delivery fell 0.37% to USD19.083 an ounce while copper for March delivery rose 0.10% to USD3.197 a pound.

Last week Comex copper prices declined 2.26%, the third consecutive weekly drop, as ongoing concerns over the economic outlook in emerging markets and the impact on future demand prospects dampened the appeal of the commodity.

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This article appears in: Investing , Forex and Currencies

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