Gold futures rose in thin trade on Friday, but remained under pressure as ongoing expectations for the Federal Reserve to soon begin tapering its asset-purchase program continued to weigh. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,247.3 a troy ounce during European afternoon trade, up 0.76%. Gold futures were likely to find support at USD1,234.70 a troy ounce, Wednesdays low and resistance at USD1,254.95, the high from November 26. Comex floor trading remained closed on Thanksgiving day and an abbreviated session was slated for Friday. Gold prices remained under pressure after upbeat U.S. employment and consumer confidence data released earlier in the week fuelled expectations the Fed will start to taper its stimulus program at one of its next few meetings. Prices of the precious metal are down approximately 26% this year on concerns the Fed would start tapering its USD85-billion-a-month asset-purchase program by the end of the year. Elsewhere on the Comex, silver for March delivery jumped 1.39% to trade at USD19.955 a troy ounce, while copper for March delivery climbed 0.52% to trade at USD3.207 a pound.
Posted on: Fri, 29 Nov 2013 15:06:37 +0000
Trending Topics
Recently Viewed Topics
© 2015