| Online: | |
| Visits: | |
| Stories: |
MTECHTIPS:-Gold futures little changed ahead of U.S. GDP report
MTECHTIPS:-Gold futures little changed ahead of U.S. GDP report
Gold prices were little changed in European morning hours on Friday, as investors awaited the release of U.S. first-quarter economic growth data later in the day after a string of recent U.S. economic reports sent the dollar broadly higher On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were steady at $1,188.50 The August contract ended Thursday’s session 0.19% higher at $1,188.80 an ounce. Futures were likely to find support at $1,180.20, Thursday’s low and resistance at $1,208.90, the high from May 26. Demand for the dollar continued to be underpinned as economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the U.S. economy is gaining momentum after a slowdown in the first quarter. On Thursday, the National Association of Realtors said its pending home sales index increased by 3.4% last month to the highest level since 2006, easily surpassing expectations for a gain of 0.9%. Year-on-year, pending home sales rose at annualized rate of 13.4% in April, blowing past forecasts for an increase of 10.2% and following a gain of 13.5% in February. The data came after the U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ending May 23 rose by 7,000 to a five-week peak of 282,000 from the previous week’s total of 275,000.
WWW.MTECHTIPS.COM
07489294118-119
