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Gold posts slight gains ahead of U.S. retail sales, jobless claims data

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Investing.com -

Investing.com - Gold futures posted cautious gains on Wednesday on demand from bottom fishers, though many investors remained on the sidelines ahead of Thursday's key retail sales report.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,260.70 a troy ounce during U.S. trading, up 0.05%, up from a session low of $1,258.00 and off a high of $1,265.30.

The August contract settled up 0.49% at $1,260.10 on Tuesday.

Futures were likely to find support at $1,250.10 a troy ounce, Tuesday's low, and resistance at $1,294.70, the high from May 27.

Gold prices have fallen notably in recent sessions due to expectations for U.S. recovery to continue to gain steam and prompt the Federal Reserve to raise interest rates sooner than markets were anticipating in the recent past.

Bargain hunters sent gold prices climbing higher on Wednesday, though gains were cautious as investors remained on the sidelines for the release of the latest U.S. retail sales and weekly jobless claims reports on Thursday.

Consumer spending drives roughly 70% of U.S. economic activity, and an upbeat report could send gold prices falling by reminding investors that ultra-loose monetary policies that have supported the yellow metal since the 2008 financial crisis are on their way out.

Meanwhile, silver for July delivery was up 0.07% at $19.182 a troy ounce, while copper futures for July delivery were down 0.63% at $3.034 a pound.

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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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