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MTECHTIPS:-Gold trades near 3-week low with U.S. data, Greece in focus
Thursday, June 4, 2015 6:13
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MTECHTIPS:-Gold trades near 3-week low with U.S. data, Greece in focus
Gold prices held near a three-week low struck in the previous session on Thursday, as traders looked ahead to the release of key U.S. data later in the session while focusing on developments surrounding talks between Greece and its international creditors. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery shed $3.60, or 0.3%, to trade at $1,181.30 a troy ounce during European morning hours. Prices held in a range between $1,181.20 and $1,186.30. A day earlier, gold prices slumped to $1,179.10, the lowest level since May 11, before settling at $1,184.90, down $9.50, or 0.8%, after a batch of upbeat data bolstered the case for a U.S. interest rate hike this year. Futures were likely to find support at $1,176.60, the low from May 4, and resistance at $1,204.70, the high from June 1. Market participants were looking to the weekly report on U.S. jobless claims due later in the day, as well as Friday’s nonfarm payrolls data for further indications on the strength of the country’s job market. On Wednesday, payroll processing firm ADP said U.S. non-farm private employment rose by 201,000 last month, just above expectations for an increase of 200,000. The upbeat data raised hopes that the economy was regaining strength after contracting in the first quarter, fuelling speculation that the Federal Reserve could raise rates as soon as September.
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