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Gold inches higher, extends U.S. gains

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Investing.com - Gold futures are trading modestly higher in the early part of Tuesday's Asian session, extending a small gain accrued during Monday's U.S. session.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.01% to USD1,601.95 per troy ounce in Asian trading Tuesday after settling up 0.25% at USD1,599.65 a troy ounce in U.S. trading Monday.

Gold futures were likely to test support USD1,591.95 a troy ounce, Wednesday's low, and resistance at USD1,608.85, Wednesday's high.

Gold moved slightly higher Monday following two mixed U.S. data points. In U.S. economic news, the Institute for Supply Management's March index fell to 51.3 from 54.2 in February. Readings above 50 indicate expansion. Analysts had expected the index to remain unchanged at 54.2.

In another report, data showed construction spending rose 1.2% in February topping analysts' estimates calling for a 1% increase.

Gold traded in a tight range Monday because several major European markets were closed in observance of the Easter holiday. European fears were mostly left out of the headlines today, but traders did pay some attention to the situation in North Korea. The country has recently levied harsh threats against the U.S. and South Korea.

Traders are also eying Friday's non-farm payroll for March from the U.S. Economists expect the world's largest economy to show the addition of 200,000 jobs last month following a surprisingly strong February report that showed 236,000 new jobs were created.

Elsewhere, Comex silver for May delivery added 0.42% to USD28.060 per ounce while copper for May delivery rose 0.07% to USD3.375 per ounce. Platinum for July delivery is off 0.06% at USD1,595.45 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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