Investing.com - Gold prices fell on Tuesday during Asian trading
hours despite the news of higher demand from Chinese consumers.
According to data released on Monday by the China Gold
Association, g old purchases by Chinese consumers rose 41% in the
On the Comex division of the New York Mercantile Exchange, gold
futures for April delivery traded at USD1,273.90 a troy ounce
during Asian trading, down 0.05%.
On Monday the gold futures saw a session low of USD1,273.70 and
a high of 1,275.10. The April contract settled at USD1,274.60.
Futures were likely to find support at USD1,240.60 a troy ounce,
the low from Feb. 3, and resistance at USD1,279.20, the high from
The U.S. Labor Department reported Friday that the economy added
113,000 jobs in January, less than an expected 185,000
The numbers softened the dollar on Friday and into Monday by
stoking expectations that the Federal Reserve will taper its USD65
billion monthly bond-buying program very gradually.
Capping gold's gains, however, were sentiments that Friday's
jobs figures were not soft enough to prompt the Fed to put a hold
on tapering, but rather, just give it reason to tinker with the
pace at which it will dismantle the program.
Markets were eager for Fed Chair Janet Yellen to testify before
Congress on Tuesday in hopes the nation's top economist might
provide clues on the direction of U.S. monetary policy.
Meanwhile, silver for March delivery was up 0.07% and trading at
USD20.068 a troy ounce, while copper futures for March delivery
rose 0.15% at USD3.225 a pound.
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