Investing.com - Gold prices eased slightly in Asia on Monday on
renewed concerns about the pace of U.S. economic recovery and with
markets in major gold buyer China closed for a public holiday.
On the Comex division of the New York Mercantile Exchange, gold
for June delivery traded at $1,302.30 a troy ounce, down 0.09%,
after it ended Friday's session with a gain of 1.47%, or $18.90, to
settle at $1,303.50 an ounce.
Last week, gold futures rallied more than 1% to end at a
one-week high, after weaker than expected U.S. nonfarm payrolls
data sparked speculation that the Federal Reserve could start to
slow the tapering of its bond purchases.
The Labor Department reported Friday that the U.S. economy added
192,000 jobs in March, below expectations for jobs growth of
200,000. February's figure was revised up to 197,000 from a
previously reported 175,000. The U.S. unemployment rate remained
unchanged at 6.7%, compared to expectations for a tick down to
The data disappointed some market expectations for a more robust
reading but indicated that the Federal Reserve is likely to stick
to the current pace of reductions to its asset purchase
Gold has been under heavy selling pressure in recent weeks as
upbeat U.S. economic data underlined expectations that the Federal
Reserve will begin to raise rates sooner than previously
In the week ahead, market players will be focusing on
Wednesday's minutes of the Fed's most recent policy setting meeting
for further clues on the future course of monetary policy.
Data from the Commodities Futures Trading Commission released
Friday showed that hedge funds and money managers decreased their
bullish bets in gold futures in the week ending April 1.
Net longs totaled 106,354 contracts, down 11.4% from net longs
of 120,042 in the preceding week.
Elsewhere on the Comex, silver for May delivery fell 0.35% to
$19.877 a troy ounce.
Data from the CFTC showed that net silver longs declined to
5,582 contracts as of last week, down 24.9% from net longs of 7,442
in the preceding week.
Meanwhile, copper for May delivery shed 0.92% to $2.995 a
According to the CFTC, net copper shorts totaled 19,778
contracts as of last week, compared to net shorts of 25,034 in the
Copper remained supported amid hopes that China will implement
economic stimulus measures to shore up slowing growth.
The Asian nation is the world's largest copper consumer,
accounting for almost 40% of world consumption last year.
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