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Tuesday, July 24, 2012

Gold futures prices for july 25 2012

Gold futures prices for july 25 2012 : Gold futures traded slightly higher Tuesday, as the safe-haven appeal of the precious metal was boosted as investors continued to focus on rising borrowing costs for Spain and Italy.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,577.75 a troy ounce during U.S. afternoon trade, adding 0.1%.

The August contract traded in between a range of USD1,571.45 a troy ounce, the daily low and a session high of USD1,583.65 a troy ounce.

Gold futures were likely to find support at USD1,554.55 a troy ounce, the low from July 12 and near-term resistance at USD1,591.35, the high from July 19.

Precious metal sentiment was boosted by fears that Spain will be the next country in the euro zone to require a full-scale bailout after the yield on Spanish 10-year bonds rose to a euro-era high of 7.60%, well above the 7% threshold considered unsustainable if a country is to remain solvent.

Similar-maturity Italian yields rose to 6.5% for the first time since January.

Gold trading remained nervous after ratings agency Moody’s revised its outlooks on the sovereign ratings of Germany, the Netherlands and Luxembourg to negative from stable. Moody’s rates all three at AAA.

Downbeat manufacturing reports out of the euro zone further weighed. Data released earlier in the session showed that manufacturing activity in Germany slowed to the lowest level in more than three years in July.

Separate reports showed that manufacturing activity in the euro zone contracted at the fastest pace since May 2009 in July, while the French manufacturing sector contracted at the fastest pace in 38 months.

The weak euro zone data offset a report showing that China’s HSBC manufacturing purchasing managers index improved to 49.5 in July, its highest level since February, from a final reading of 48.2 in June.

While the index remained below the 50 level which indicates contraction, the improvement from the previous month eased concerns over a slowdown in the world’s second largest economy.

Elsewhere on the Comex, silver for September delivery plunged 0.88% to trade at USD26.803 a troy ounce, while copper for September delivery gave back 0.76% to trade at USD3.354 a pound.

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