Sunday, August 5, 2012

Gold futures prices 8/6/2012

Gold futures prices 8/6/2012 : Gold prices fell in Asian trading on Monday after investors sold the metal amid profit taking. Gold prices shot up on Friday after the U.S. government reported that July added more jobs than expected,

On the Comex division of the New York Mercantile Exchange, gold futures for Cotober delivery traded at USD1605.35 a troy ounce, down 0.11%

The yellow metal earlier hit a high of USD1607.55 and a low of 1604.25.

Gold futures were likely test support at USD1587.05, Friday’s low, and resistance at USD1615.85, Thursday’s high.

The U.S. economy added a net 163,000 net nonfarm payrolls in July, well above market expectations for a gain of 100,000 and well above June's revised figure of 64,000.

Meanwhile, the Institute for Supply Management's service-sector index outpaced expectations last month as well.

In a report, the Institute for Supply Management said that its non-manufacturing purchasing managers' index rose to a seasonally adjusted annual rate of 52.6 in July, up from 52.1 in June.

Analysts had expected the index to rise 52.0.

The service sector employs the bulk of the U.S. labor market.

The news sparked a global risk-on trading session in which investors ditched the greenback for higher-yielding currencies and equities, which included gold.

Profit taking brought it back down in choppy Asian trading on Monday

Elsewhere on the Comex, silver for September delivery fell 0.44% to trade at USD27.78 a troy ounce, while copper for September delivery rose 0.13% to trade at USD3.371 a pound.

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