Gold futures were lower during early European trade on Thursday, re-approaching a 27-month low hit earlier in the week as sentiment on the precious metal remained bearish.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,374.35 a troy ounce during European morning hours, down 0.6% on the day.
Comex gold prices fell by as much as 2% earlier in the session to hit a daily low of USD1,337.25 a troy ounce. Comex gold fell to USD1,322.25 an ounce on Tuesday, the weakest level since January 28, 2011.
Gold prices were likely to find support at USD1,322.25 a troy ounce, the previous session’s low and near-term resistance at USD1,395.05, the previous session’s high.
Gold prices have lost nearly 13%, or almost USD200 per ounce, since last Friday, as investors exited the market after prices broke below key support levels.
Prices of the precious metal are now down almost 29% since hitting an all-time high of USD1,920.80 an ounce in September 2011, sparking fears that gold’s bull run is coming to an end.
Market analysts have warned that gold prices could fall further, as attitude towards the precious metal remains bearish. Bank of America Merrill Lynch said earlier in the week that bullion could fall to USD1,200 per ounce in the near-term.
Sentiment on the precious metal was dampened last week amid concerns the Federal Reserve will end its bond-buying program sooner-than-expected and following a sell recommendation from Goldman Sachs.
News that Cyprus was to sell some of its gold reserves to raise funds for its bailout also weighed on sentiment, as it sparked concerns other debt-ridden European governments would be forced to do the same.
Elsewhere on the Comex, silver for May delivery lost 1% to trade at USD23.06 a troy ounce, while copper for May delivery tumbled 1.9% to trade at USD3.128 a pound, the lowest level since October 2011.
Copper futures have been under heavy selling pressure in recent sessions as global growth concerns and worries over a slowdown in demand weighed heavily on the industrial metal. - investing.com
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,374.35 a troy ounce during European morning hours, down 0.6% on the day.
Comex gold prices fell by as much as 2% earlier in the session to hit a daily low of USD1,337.25 a troy ounce. Comex gold fell to USD1,322.25 an ounce on Tuesday, the weakest level since January 28, 2011.
Gold prices were likely to find support at USD1,322.25 a troy ounce, the previous session’s low and near-term resistance at USD1,395.05, the previous session’s high.
Gold prices have lost nearly 13%, or almost USD200 per ounce, since last Friday, as investors exited the market after prices broke below key support levels.
Prices of the precious metal are now down almost 29% since hitting an all-time high of USD1,920.80 an ounce in September 2011, sparking fears that gold’s bull run is coming to an end.
Market analysts have warned that gold prices could fall further, as attitude towards the precious metal remains bearish. Bank of America Merrill Lynch said earlier in the week that bullion could fall to USD1,200 per ounce in the near-term.
Sentiment on the precious metal was dampened last week amid concerns the Federal Reserve will end its bond-buying program sooner-than-expected and following a sell recommendation from Goldman Sachs.
News that Cyprus was to sell some of its gold reserves to raise funds for its bailout also weighed on sentiment, as it sparked concerns other debt-ridden European governments would be forced to do the same.
Elsewhere on the Comex, silver for May delivery lost 1% to trade at USD23.06 a troy ounce, while copper for May delivery tumbled 1.9% to trade at USD3.128 a pound, the lowest level since October 2011.
Copper futures have been under heavy selling pressure in recent sessions as global growth concerns and worries over a slowdown in demand weighed heavily on the industrial metal. - investing.com
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