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Gold making meager gains in Asia after U.S. slide

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Investing.com - Gold futures were seen trading modestly higher in Friday's Asian session after the yellow metal took another beating in Thursday's U.S. session amid a spate of encouraging U.S. economic data.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery added 0.04% to USD1,645.75 per troy ounce in Asian trading Friday. The yellow metal plunged 1.18% to settle at USD1,647.95 a troy ounce in U.S. trading. Earlier in the U.S. session, gold flirted with four-month lows. Over the past three U.S. sessions, gold has tumbled 3%.

Gold futures were likely to test support USD1,636.65 a troy ounce, the earlier low, and resistance at USD1,677.85, Wednesday's high.

Riskier assets got a lift thanks to some solid U.S. data points, indicating that gold may be returning to more of a safe haven play.

In U.S. economic news, the Commerce Department released the final reading of U.S. third-quarter GDP growth, which showed an increase of 3.1% topping the consensus estimate of 2.8%. Personal consumption increased 1.6%. That topped the estimate calling for an increase of 1.4%.

The National Association of Realtors said U.S. home sales jumped 5.9% to a seasonally adjusted annual rate of 5.04 million in November up from a seasonally adjusted rate of 4.76 million in October. The November reading represents the highest level in three years.

The Philadelphia Federal Reserve said its manufacturing index for December rose to 8.1 from negative 10.7 in November. Economists expected a December reading of 4.

Elsewhere, Comex silver for March delivery added 1% to USD29.83 an ounce. Copper jumped for March delivery added 0.55% to USD3.558 per ounce. Platinum added 0.35% to USD1,555.30 per ounce while palladium traded fractionally lower.

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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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