On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were up 0.24% and trading at USD1,624.25 a troy ounce, up from a session low of USD1,622.35 and down from a high of USD1,624.85 a troy ounce early during the session.
Gold futures were likely to test support at USD1,610.75 a troy ounce, the low from July 27, and resistance at USD1,628.55, the high from July 17.
The U.S. economy grew 1.5% in the second quarter of the year, according to an advance estimate by the Commerce Department released on Friday.
U.S. growth figures largely met expectations, but the number indicated the economy may been close to hitting stall speed and in need of Federal Reserve intervention.
Monetary stimulus would possibly come through quantitative easing, which sees the U.S. central bank buy bonds from banks, pumping the economy full of liquidity in the process and weakening the dollar to spur recovery.
Gold and the dollar trade inversely, and talk the Fed is considering easing can send the greenback falling and the yellow metal gaining.
The Federal Reserve and the European Central Bank will hold monetary policy meetings later this week, and the U.S. will release its July jobs report on Friday, and markets were awaiting clues both monetary bodies were any closer to intervening.
Elsewhere on the Comex, silver for September delivery was up 0.52% and trading at USD27.640 a troy ounce, while copper for September delivery was down 0.01% and trading at USD3.432 a pound.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment