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Gold prices rebound slightly in Asia, demand cues wanted

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Investing.com -

Investing.com - Gold prices gained in Asia Wednesday on a rebound from overnight with investors search for demand cues.

On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,245.30 a troy ounce, up 0.06%.

Overnight, the Institute for Supply Management corrected its May manufacturing data twice on Monday. The index was first corrected to 56.0 after being initially reported as 53.2, before being corrected for a second time to 55.4.

The upbeat data underlined the view that the U.S. economy was regaining traction after being slowed by unusually cold temperatures during the winter months.

The precious metal has been under heavy selling pressure recently as investors bet on strong economic growth in the U.S. during the second quarter.

Meanwhile, investors remained hesitant to buy into the market amid a weak technical outlook. Gold prices have declined for the past six consecutive sessions amid bearish chart signals.

Silver for July delivery rose 0.17% to trade at $18.795 a troy ounce. Copper for July delivery fell 0.07% to trade at $3.140 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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