Investing.com - " Gold futures traded modestly higher during
Tuesday's Asian session as traders eye the European Central Bank
meeting later Tuesday.
On the Comex division of the New York Mercantile Exchange, gold
futures for December delivery rose 0.14% to USD1,316.50 per troy
ounce in Asian trading Tuesday. The December contract settled
higher by 0.11% at USD1,314.70 per troy ounce on Monday.
Gold futures were likely to find support at USD1,305.80 a troy
ounce, Friday's low, and resistance at USD1,361.70, last Monday's
A recent batch of concerning economic data out of the euro zone has
some traders betting the ECB will lower interest rates in an effort
to stimulate growth. Recent unemployment data for the region
touched a record high.
On Monday, euro zone manufacturing purchasing managers' index
ticked up to 51.3 in October from a final reading of 51.1 in
September, unchanged from a preliminary estimate and in line with
market forecasts, according to London-based Markit Economics.
Germany's manufacturing PMI rose to 51.7 last month from 51.5 in
September as new orders and production levels rose. Analysts were
expecting the figure to remain unchanged at 51.5.
In U.S. economic news out Monday, U.S. factory orders rose 1.7% in
October from September, in line with expectations.
Gold traders are also bracing for the October jobs report out of
the U.S., which is scheduled to be revealed Friday. An upside
surprise with that number could further stoke speculation the
Federal Reserve will move to taper its quantitative easing program
sometime in the next several months.
Elsewhere, Comex silver for December delivery rose 0.06% to
USD21.712 per ounce while copper for December delivery gained 0.13%
to USD3.263 per ounce.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new Investing.com
Stocks & Finance App