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Gold futures rises ahead of BoE, ECB meetings

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Investing.com - Gold futures traded higher in the early part of Thursday's Asian session as traders shook off some concerning data out of the U.S. Wednesday and turned their attention to a pair of important central bank meetings later Thursday.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.20% to USD1,401.35 per troy ounce in Asian Thursday after settling up 0.42% at USD1,403.05 a troy ounce in U.S. trading on Wednesday.

Gold futures were likely to test support USD1,388.65 a troy ounce, Tuesday's low, and resistance at USD1,416.35, Monday's high.

Traders embraced gold's safe-haven status Wednesday on the back of some mixed U.S. economic news ahead of Friday's May non-farm payrolls data.

In economic news, the ADP private payroll survey showed non-government U.S. employers added 135,000 new jobs last month. Economists expected the addition of 167,000 non-government jobs. The U.S. Labor Department delivers the May jobs number on Friday.

The Institute for Supply Management said its May services index rose to 53.7% from 53.1% in April. Economists expected a May reading of 54%. Readings above 50% indicate expansion.

Gold also survived increased import duties on it and platinum by the Reserve Bank of India, which is looking to reign in a widening current account deficit caused by a recent surge in gold imports.

Traders will now turn their attention to meetings by the Bank of England and the European Central Bank later Thursday.

Elsewhere, Comex silver for July deliver fell 0.11% to USD22.447 while copper for July deliver inched lower by 0.04% to USD3.366 per ounce.

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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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