Investing.com - Gold futures extended gains from last week to move mildly higher on Monday, as reports of central bank buying boosted sentiment on the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,394.25 a troy ounce during U.S. morning hours, up 0.5% on the day.
Comex gold prices held in a tight range between USD1,384.04 a troy ounce, the daily low and a session high of USD1,396.15 a troy ounce.
Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.
Trading volumes are expected to remain light as Comex floor trading will remain closed for Memorial Day.
Sentiment on the precious metal was boosted after data from the International Monetary Fund showed that Russia and Kazakhstan added to their gold reserves for a seventh straight month in April.
Russian holdings rose 8.4 metric tons to 990 tons, while Kazakhstan’s central bank purchased 2.6 tons to take its total holdings to 125.5 tons.
Meanwhile, investors continued to speculate over the need for further stimulus in the U.S.
Gold prices have been under heavy selling pressure in recent months amid expectations the Federal Reserve will wind down its stimulus program, citing indications of an improving U.S. economic outlook.
Fed Chairman Ben Bernanke said last week a decision to scale back the central bank’s USD85 billion-dollar-a-month asset purchase program could be taken in the "next few meetings" depending on economic data.
Moves in the gold price this year have largely tracked shifting expectations as to whether the Federal Reserve would end its bond-buying program sooner-than-expected.
Elsewhere on the Comex, silver for July delivery rose 0.45% to trade at USD22.59 a troy ounce, while copper for July delivery eased up 0.3% to trade at USD3.305 a pound.
Thanks www.investing.com
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,394.25 a troy ounce during U.S. morning hours, up 0.5% on the day.
Comex gold prices held in a tight range between USD1,384.04 a troy ounce, the daily low and a session high of USD1,396.15 a troy ounce.
Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,413.05, the high from May 22.
Trading volumes are expected to remain light as Comex floor trading will remain closed for Memorial Day.
Sentiment on the precious metal was boosted after data from the International Monetary Fund showed that Russia and Kazakhstan added to their gold reserves for a seventh straight month in April.
Russian holdings rose 8.4 metric tons to 990 tons, while Kazakhstan’s central bank purchased 2.6 tons to take its total holdings to 125.5 tons.
Meanwhile, investors continued to speculate over the need for further stimulus in the U.S.
Gold prices have been under heavy selling pressure in recent months amid expectations the Federal Reserve will wind down its stimulus program, citing indications of an improving U.S. economic outlook.
Fed Chairman Ben Bernanke said last week a decision to scale back the central bank’s USD85 billion-dollar-a-month asset purchase program could be taken in the "next few meetings" depending on economic data.
Moves in the gold price this year have largely tracked shifting expectations as to whether the Federal Reserve would end its bond-buying program sooner-than-expected.
Elsewhere on the Comex, silver for July delivery rose 0.45% to trade at USD22.59 a troy ounce, while copper for July delivery eased up 0.3% to trade at USD3.305 a pound.
Thanks www.investing.com
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