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Gold holds above $1,300 with U.S. data in focus

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Investing.com -

Investing.com - Gold prices edged lower but held above the key $1,300-level on Thursday, as market players looked ahead to key U.S. data later in the session for further indications on the strength of the economy and the need for stimulus.

On the Comex division of the New York Mercantile Exchange, gold for June delivery shed 0.29%, or $3.80, to trade at $1,302.10 a troy ounce during European morning hours.

Prices held in a range between $1,301.50 and $1,307.30 an ounce. Gold climbed to $,1309.20 an ounce on Wednesday, the most since May 7, before settling at $1,305.90, up 0.86%, or $11.10.

Gold prices were likely to find support at $1,289.10 an ounce, the low from May 13 and resistance at $1,315.00, the high from May 7.

Also on the Comex, silver for July delivery declined 0.21%, or 4.2 cents, to trade at $19.73 a troy ounce.

The U.S. is to release data on initial jobless claims, consumer inflation and industrial production, as well as a report on manufacturing activity in the Philadelphia region later Thursday.

In the euro zone, data released earlier showed that growth in the French economy stalled in the first three months of the year but growth in Germany beat forecasts.

Official data showed that French gross domestic product was flat in the first quarter, disappointing expectations for growth of 0.2%, as consumer spending slumped.

At the same time, data showed that the euro zone's largest economy expanded 0.8% in the three months to March, beating expectations for 0.7%. The annual rate of growth in Germany rose by 2.5%, ahead of expectations for 2.2%.

Meanwhile, investors monitored ongoing tensions in eastern Ukraine, as the conflict between pro-Russian separatists and Ukrainian forces continued.

Russian Foreign Minister Sergei Lavrov said Wednesday that Ukraine was "as close to civil war as you can get" and urged all sides to find a solution.

Elsewhere in metals trading, copper for July delivery inched down 0.06%, or 0.2 cents, to trade at $3.159 a pound.

The red metal rallied to a ten-week high on Wednesday amid speculation demand from top consumer China will increase in the near-term. The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

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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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