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Gold futures hold steady, near 2-1/2 week highs

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Investing.com -

Investing.com - Gold futures held steady on Friday, hovering near two-and-a-half week highs as mixed U.S. data released on Thursday and mounting violence in Iraq boosted demand for the safe-haven asset.

On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,273.50 a troy ounce during European afternoon trade, down 0.04%.

The August contract settled 1.01% higher on Thursday to end at $1,274.0 a troy ounce.

Gold futures were likely to find support at $1,2460.00 an ounce, Thursday's low and resistance at $1,294.70, the high from May 27.

The Labor Department reported on Thursday that the number of people filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000. The consensus forecast had been for a decline of 3,000.

The unexpected increase in jobless claims was not seen as altering the view that the labor market is continuing to gradually improve.

At the same time, U.S. retail sales rose 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

Meanwhile, investors remained cautious as U.S. President Barack Obama warned of possible military strikes in Iraq after a rebellion led by a Sunni Islamist group continued to spread rapidly through the country.

Late on Thursday, Kurdish forces in the north took control of Kirkuk to protect it from the Islamists.

Elsewhere on the Comex, silver for July delivery slipped 0.10% to trade at $19.513 a troy ounce, while copper for July delivery rose 0.32% to trade at $3.025 a pound.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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