Shutterstock photo
Markets

Gold futures near 4-month lows, U.S. data in focus

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - Gold futures was hovering near four-month lows on Friday, despite Thursday's downbeat U.S. economic growth data, as markets awaited the release of more U.S. economic reports later in the day.

On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,252.90 a troy ounce during European afternoon trade, down 0.35%.

The August contract settled 0.21% lower on Thursday to end at $1,257.1 a troy ounce.

Gold futures were likely to find support at $1,247.80 an ounce, the low from February 4 and resistance at $1,267.50, the high from May 28.

On Thursday, the Bureau of Economic Analysis on Thursday said U.S. gross domestic product contracted 1.0% in the first quarter, after the preliminary estimate showed growth of 0.1%.

Market expectations had been for a 0.5% contraction. It was the first decline in U.S. GDP since the first quarter of 2011.

Separately, the Department of Labor said in a separate report that the number of people who filed for unemployment assistance in the U.S. last week fell by 27,000 to 300,000, compared to expectations for a decline of 9,000.

Comex gold prices have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined the view that the U.S. economy is shaking off the effects of a weather-related slowdown over the winter, bolstering the outlook for the broader economic recovery.

Elsewhere on the Comex, silver for July delivery slipped 0.19% to trade at $18.978 a troy ounce, while copper for July delivery rose 0.29% to trade at $3.154 a pound.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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.

Other Topics

ForEx