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Tuesday, August 7, 2012

Gold futures prices 8/7/2012

Gold futures prices 8/7/2012 : Gold prices cooled their gains in Asian trading on Tuesday despite ongoing sentiment that central banks around the world will likely stimulate their economies with monetary easing tools.

On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were down 0.13% and trading at USD1,612.05 a troy ounce, up from a session low of USD1,611.65 and down from a high of USD1,612.35 a troy ounce early during the session
Gold futures were likely to test support at USD1,593.45 a troy ounce, the low from Aug. 1, and resistance at USD1,616.05, the high from Aug. 6.

In Europe, Germany gave its backing to a plan that would allow the European Central Bank to buy sovereign bonds, a move that would bring borrowing costs down in countries like Spain and Italy and send gold rising.

However, terms remain to be worked out, which cooled gold's gains by early Asian trading on Tuesday.

Ongoing talk the Federal Reserve will jolt its economy via quantitative easing, under which the Fed buys bonds such as Treasury notes and mortgage-backed securities held by banks, pumping the economy full of liquidity to spur greater recovery, continued on Tuesday.

Such a policy would weaken the dollar and send gold rising, yet the precious metal cooled its gains early Tuesday until concrete signs of central bank intervention manifest themselves.

Elsewhere on the Comex, silver for September delivery was down 0.15% and trading at USD27.822 a troy ounce, while copper for September delivery was down 0.28% and trading at USD3.373 a pound.

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