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Gold prices ease in Asia with focus on dollar moves

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Investing.com -

Investing.com - Gold prices eased in Asia on Wednesday in thin trade as investors await further cues on the dollar.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,293.10 a troy ounce, down 0.13%, after hitting an overnight session low of $1,289.20 and off a high of $1,298.80.

The Wall Street Journal reported the German central bank Bundesbank would back monetary easing measures, including a negative rate on bank deposits and purchases of packaged bank loans, if such tools were needed to keep persistently low levels of inflation from becoming entrenched in the euro zone.

Last week, ECB President Mario Draghi said monetary authorities were "comfortable" with acting at its next meeting in June after reviewing the latest economic projections, and the euro fell on sentiments that European monetary policy is set to loosen, which strengthened the dollar and chipped away at demand for gold.

Meanwhile in the U.S., soft retail sales numbers did little to bolster gold.

The Commerce Department reported earlier that U.S. retail sales rose just 0.1% in April, missing expectations for a 0.4% increase. Retail sales for March were revised up to a 1.5% gain from a previously reported increase of 1.2%.

Core retail sales, which exclude automobile sales, were flat in April, disappointing forecasts for a 0.6% increase. Core sales in March were revised up to a rise of 1% from a previously reported increase of 0.7%

Silver for July delivery was down 0.05% at $19.538 a troy ounce. Copper futures for July delivery were up 0.07% at $3.135 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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