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Gold prices dip in Asia with fresh direction sought

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Investing.com -

Investing.com - Gold prices eased in Asia on Wednesday with fresh cues sought for the yellow metal.

On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,259.60 a troy ounce, down 0.04%, after hitting an overnight session low of $1,250.40 and off a high of $1,263.70.

The European Central Bank's recent decision cut interest rates continued to weigh on the euro, which bolstered gold's appeal as a hedge.

The European Central Bank cut its benchmark interest rate last week to a record-low 0.15% from 0.25%, cut its deposit rate to -0.1% and said it will support the banking sector to spur lending via targeted long-term credit injections.

Still, gold's gains were limited to due to a strengthening dollar, which historically trades inversely with the precious metal.

Many investors opted to avoid gold until Thursday, when U.S. retails sales hit the wire, data that should provide metals and other markets with fresh insight into the health of the U.S. economy.

Silver for July delivery was up 0.10% at $19.188 a troy ounce. Copper futures for July delivery fell 0.07% at $3.055 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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