Investing.com - Gold and silver futures were lower in cautious
trade on Thursday, as investors looked ahead to the U.S. nonfarm
payrolls report later in the day as well as a policy decision by
the European Central Bank.
On the Comex division of the New York Mercantile Exchange, gold
for August delivery shed 0.54%, or $7.20, to trade at $1,323.70 a
troy ounce during European morning hours.
Prices held in a range between $1,320.70 and $1,328.40 an ounce.
Gold ended Wednesday's session up 0.32%, or $4.30, to settle at
Prices were likely to find support at $1,305.40, the low from
June 25 and resistance at $1,339.10, the high from March 21.
Also on the Comex, silver for September delivery slumped 0.93%,
or 19.9 cents, to trade at $21.10 a troy ounce. Prices rallied to
$21.27 on Wednesday, the highest since March 17.
Traders were in wait-and-see mode before the U.S. government's
monthly nonfarm payrolls report later Thursday, which is expected
to show a gain of 212,000 new jobs in June.
The data is being released one day earlier than usual due to the
July 4 U.S. Independence Day holiday on Friday.
Payroll processing firm ADP said Wednesday that non-farm private
employment rose by a seasonally adjusted 281,000 in June, the
highest since November 2012 and easily surpassing expectations for
an increase of 200,000.
Investors also looked ahead to the outcome of the European
Central Bank's policy meeting later in the trading day. After
unveiling a number of stimulus measures at its June meeting,
analysts say the central bank is unlikely to act this time.
Elsewhere in metals trading, copper for September delivery shed
0.42%, or 1.4 cents, to trade at $3.251 a pound. Prices rose to
$3.267 earlier in the day, the most since February 21.
Futures have been well-supported in recent weeks amid growing
optimism over the health of the U.S. economy and speculation demand
from top consumer China will increase in the near-term.
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