Trading news

Gold gains but still weak

Gold, amid a stronger U.S. dollar, and as the investors awaited the economic reports to be released, made some minor gains.

Gold futures may trade between $1,286.50 and $1,258.70

On the New York Mercantile Exchange, in the Comex division, the gold futures for delivery in June traded at $1,275.80, 0.35% higher.

Since yesterday's trading session, the commodity for June's contracts ended at $1,271.20 an ounce, 0.34% lower.

Gold futures could likely find resistance at $1,286.50 and support at $1,258.70.

Yesterday, Thursday, the initial jobless benefit claims for the week that ended May 6 increased from 274,000 to 294,000, recording a 20,000 rise.

The U.S. dollar index traded at 94.30, 0.19% higher. Amid the recent indications that the FED will take a slower approach in dealing with interest rates, the precious metal traded around 19% higher this year.

Moreover, copper futures for delivery in July traded to $2.080 a pound, adding 0.27%, while July's silver futures traded to $17.140 a troy ounce, rising 0.22%.

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Friday, 13 May, 2016 / 8:29

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.argusfx.com/en/research-education/market-analysis/news/gold-gains-but-still-weak

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