Investing.com - Gold futures moved lower on Tuesday, coming under pressure after influential Wall Street bank JP Morgan cut its 2013 price forecast for the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,381.45 a troy ounce during U.S. morning hours, down 0.4% on the day.
Comex gold prices fell by as much as 0.85% earlier in the session to hit a daily low of USD1,375.45 a troy ounce.
Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.
Comex floor trading, which was closed for Monday's U.S. Memorial Day holiday, will resume Tuesday.
Influential Wall Street Bank JP Morgan cut its 2013 gold price forecast to USD1,595 a troy ounce, down from a previous estimate of USD1,745.
In the short term, analysts at the bank expect gold prices to average USD1,450 a troy ounce in the second quarter, 18% lower than its previous forecast.
Gold prices also struggled for upside traction due to a broadly stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.15% to trade at 83.86.
Demand for the dollar continued to be underpinned by expectations that the Federal Reserve is moving closer to scaling back its USD85 billion-a-month asset purchase program.
Last week, the minutes from the U.S. central bank's May meeting showed that a "number" of policymakers were prepared to taper bonds purchases as soon as June.
Moves in the gold price this year have largely tracked shifting expectations as to whether the Fed would end its bond-buying program sooner-than-expected.
Elsewhere on the Comex, silver for July delivery shed 0.45% to trade at USD22.40 a troy ounce, while copper for July delivery added 0.7% to trade at USD3.318 a pound.
JP Morgan cut its 2013 forecast for silver to USD27.89 a troy ounce from a previous estimate of USD30.01.
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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.
