GOLD NEWS UPDATE Gold futures advanced on Thursday on the back of a broadly weaker dollar, following the release of mixed U.S. data on jobless claims and durable goods orders. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,323.15 a troy ounce during European afternoon hours, up 0.30%. The August contract settled down 1.1%, at USD1,319.50 a troy ounce on Wednesday. Gold futures were likely to find support at USD1,295.86 a troy ounce, the low from July 22 and resistance at USD1,347.69, Wednesday’s high. The Labor Department said the number of individuals filing for initial jobless benefits last week increased by 7,000 to a seasonally adjusted 343,000, compared to expectations for an increase of 6,000 to 340,000. In a separate report, the Commerce Department said orders for long lasting manufactured goods rose by a seasonally adjusted 4.2% in June, compared to expectations for an increase of 1.3%. Durable goods for May were revised to a 5.2% gain from a previously reported 3.7% increase. Core durable goods orders, which exclude volatile transportation items, were flat in June, compared to expectations for a 0.5% increase. The mixed data dampened expectations that the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program later this year. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.25% to 82.17 following the release of the data. Elsewhere on the Comex, silver for September delivery was up 0.44% to trade at USD20.108 a troy ounce, while copper for September delivery was down 0.19% to USD3.173 a pound.
Posted on: Thu, 25 Jul 2013 15:44:47 +0000
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