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Gold futures slip but euro zone concerns support

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Investing.com - Gold futures slipped lower on Thursday but losses looked likely to remain limited as ongoing concerns over the financial stability of the euro zone underpinned safe haven demand for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery slipped 0.13% to USD1,605.15 per troy ounce.

Gold futures were likely to test support USD1,591.20, Wednesday's low and resistance at USD1,613.46, Monday's high.

Gold prices remained supported as banks in Cyprus prepared to open for the first time in almost two weeks, with capital controls in place to prevent a run on banks.

Cypriot banks have been closed since March 16, when the European Union presented a proposal to force losses on all depositors in exchange for a EUR10 billion bailout, a plan which was subsequently rejected by the country's parliament.

Investors remained concerned that the bailout deal for Cyprus could set a precedent for future bailouts in larger euro zone states, with big bank depositors and senior bond holders forced to suffer losses.

Meanwhile, in Italy doubts continued over whether a stable coalition government could be formed, fuelling concerns that the country may have to go back to the polls.

Elsewhere, Comex silver for May delivery was up 0.020% to USD28.668 per ounce while copper for May delivery was down 0.40% to USD3.430 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.

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