Gold and Silver Show Little Reaction To Fed Decision

                                       Precious metals witnessed profit taking ahead of the US Federal Reserve Policy meet yesterday after gold traded as high at 1611.00. Gold prices registered marginal decline, however they held above the key level of US$1,600/ounce. US Federal Reserve stuck to its stance on bond buying and interest rates as well as its unemployment target. The FOMC stated that it would keep interest rates unchanged as long as the jobless rate was above 6.5%. It further elaborated that it does not expect the unemployment rate to fall below the specified levels until 2015 indicated that stimlus could remain ongoing for that period of time. The Fed did not mention any sort of roll back or exit strategy. On growth front, Bernanke stated that he expects moderate recovery, although downside risks to the economic outlook persists. The Fed reduced its growth expectations. During his press conference Mr. Bernanke noted the Cyprus situation but said that he does not see any effects on the US economy or recovery.

The uncertainty regarding Cyprus situation continue to linger, which is effectively providing some support to the gold prices. Cyprus has extended a bank shutdown to next week and considered nationalizing pension funds. Meanwhile, Cypriot leadership is seeking aid from Russia after rejecting European proposals. Cyprus’s finance minister met Russian counterparts and the meeting is reported to have made some progress. Gold prices were down as fears eased that the crisis in Cyprus may not spread further in the euro zone. EU Ministers are now downplaying the one time bank tax saying that Cyprus was a unique case, but commentators and analysts say that the EU leadership has permanently changed trust in banks. Savers may slowly look for more secure places to store their saving out of the control of governmental taxes and levies, especially in countries that might need bailout.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, increased to 1,222.16 tons, as on March 20. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,583.36 tons, as on March 20. The dollar index traded at 82.827 in recent action, little moved from 82.893 in late trading on Tuesday. TheUS dollar rallied against the yen on Wednesday, after a decision by the Federal Reserve to continue its aggressive monetary easing fueled optimism about the US economic recovery. The euro rebounded from a 4-month low against the dollar as fears about a financial meltdown in Cyprus eased, with the small island country pleading for a new loan from Russia.

Base metals managed moderate recovery, aided by US Federal Reserve persistence with bond buying program. The complex is expected to trade firm today, deriving cues from positive manufacturing numbers from China. The HSBC has reported that China Flash PMI for March has advanced to 51.7, as compared with a final reading of 50.4 in February. Silver advanced 36 points to trade at 28.853 while copper is trading in the green at 3.459. -FxEmpire

Gold futures climb to 3-week high on Cyprus bailout uncertainty

                      Gold futures climbed to a three-week high during European morning hours on Monday, as the precious metal regained its role as a safe-haven asset amid concerns a controversial bailout plan for Cyprus will lead to a flare up in the euro zone’s sovereign debt crisis.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,602.50 a troy ounce during European morning trade, up 0.6% on the day.

Prices rose by as much as 0.9% earlier in the session to hit a daily high of USD1,607.50 a troy ounce, the strongest level since February 27.

Gold prices were likely to find support at USD1,560.60 a troy ounce, the low from March 8 and near-term resistance at USD1,614.40, the high from February 27.

On Saturday, the European Union and International Monetary Fund reached an agreement on a EUR10 billion bailout for Cyprus. In exchange for the rescue money, international creditors would impose a one-time tax of 6.75% on all bank deposits under EUR100,000 and 9.9% over that amount.

Gold and Silver Give Back A Bit Of Yesterday’s Gains

This morning in Asian trading precious metals are giving back some of yesterday’s gains, with gold trading down $2.20 at 1586.80 and silver at 28.813. On Wednesday gold prices started the trading day on a strong note, however the gains faded at the end of the trading session.

 The gains were scaled back, as strong US retail sales number for February boosted the appetite for riskier assets. The retail sales registered an increase of 1.1%, substantially above the estimates. Effectively, US equity markets have ended higher on nine consecutive trading sessions. Gold prices once again shied away from the psychological resistance of US$1,600/ounce and in this process registered a high, just 0.5 cents below this level.

During the Asian session today, traders saw positive eco data as Australian employers boosted payrolls in February by the most in almost 13 years, sending the currency to a one-month high as traders wound back bets the central bank will keep cutting interest rates. While on its neighbors listened as New Zealand’s central bank expects to keep borrowing costs at a record low until next year and signaled it may reduce its benchmark rate if the local dollar rises more than the economy justifies. The kiwi fell.

Copper Advances on China Autos, U.S. Jobs: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.1 percent to settle at 649.62 at 3:59 p.m. New York time, led by industrial metals.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.3 percent to 1,551.55.

BASE METALS

Copper rose to the highest in more than a week as signs of strength in Chinese auto sales and gains in the U.S. labor market brightened demand prospects for industrial metals.

Wholesale deliveries of cars, multipurpose and sport- utility vehicles rose 20 percent in the two months ended Feb. 28 in the strongest start since 2010, according to a Chinese industry group. U.S. job openings climbed in January, and confidence among small businesses rose in February for a third month, reports showed.

On the Comex in New York, copper futures for May delivery advanced 1.1 percent to $3.5545 a pound. Earlier, the price reached $3.576, the highest for a most-active contract since Feb. 28.

On the London Metal Exchange, copper for delivery in three months gained 0.9 percent to $7,830 a metric ton ($3.55 a pound). Zinc, nickel, tin, aluminum and lead also rose.

PRECIOUS METALS

Gold rose, capping the longest rally in six months, as Europe’s slumping economy increased speculation that central banks will expand stimulus measures, boosting demand for the metal as a store of value.

On the Comex, gold futures for April delivery climbed 0.9 percent to $1,591.70 an ounce. The price climbed for the fourth straight session, the longest rally since Aug 21.

Silver futures for May delivery rose 1.1 percent to $29.171 an ounce.

On the New York Mercantile Exchange, platinum futures for April delivery fell 0.4 percent to $1,595 an ounce.

Palladium futures for June delivery dropped 0.5 percent to $775.50 an ounce.

CRUDE OIL

Crude oil advanced as the euro trimmed losses against the dollar and the Organization of Petroleum Exporting Countries increased production.

On the Nymex, oil futures for April delivery rose 0.5 percent to $92.54 a barrel.

Brent oil for April settlement dropped 0.5 percent to $109.65 a barrel on the London-based ICE Futures Europe exchange.

OAO Lukoil’s Litasco bought a cargo of Forties crude at the lowest differential in almost 11 months. Statoil ASA bid for Russian Urals blend at the highest spread in almost a month.

Daily exports of the 12 main grades of North Sea crude for loading in April will increase 8 percent to the highest in 10 months, programs obtained by Bloomberg News showed.

OIL PRODUCTS

Gasoline was little changed following wide price swings linked to volatile biofuel-credit prices.

On the Nymex, gasoline futures for April delivery slid 0.1 percent to $3.1502 a gallon. The price rose as much as 1.2 percent and dropped as much as 1.6 percent.

Heating-oil futures for April delivery fell 0.7 percent to $2.9484 a gallon.

Oil down in Asian trading after modest U.S. gains (Investing.com)

                       Oil futures are trading slightly lower during Tuesday’s Asian session on the heels of modest gains seen in U.S. trade Monday.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery fell 0.12% to USD91.94 per barrel in Asian trading Tuesday after rising slightly in the U.S. on Monday. On Monday, oil traded down by as much as 1.2% following the release of some concerning data points out of China, the world’s second-largest oil consumer.

China's industrial production rose 9.9% in February, below expectations for a 10.5% increase also below a 10.3% hike logged during the previous month.

Consumer prices in China rose by 3.2% in February from a year earlier, above expectations for a 3% increase and accelerating sharply from a 2% rate of increase in January.

Those data points, which fuel speculation the Chinese recovery has not yet reached the pitch market participants have hoped for, combined with news Saudi Arabia increase output last month are seen as weighing on crude prices.

Goldman Sachs added on Monday that U.S. crude supplies could increase in the second and third quarters as more pipeline capacity becomes available.

Elsewhere, the U.S. state of Colorado said its 2012 oil production climbed to 48 million barrels, a 50-year high, due in large part to increased production at the Niobrara Shale. Colorado’s oil production was less than 33 million barrels in 2009.

Some estimates say the Niobrara Shale could be home to more than 4 billion barrels of oil equivalent. Anadarko Petroleum is among the major producers there.

Meanwhile, Brent crude for May delivery fell 0.01% to USD109.53 per barrel on the ICE Futures Exchange.

Rio’s Mongolia Copper Dream Awakens 20-Year-Old Nightmare

Rio Tinto Group (RIO)’s Mongolia copper and gold mine looks a dream location sitting next toChina, the biggest market. Yet, Mongolia’s bid for more control of the project draws comparison with a Rio mine that went badly wrong.

Mongolia’s government is ratcheting up criticism of Rio’s management of the $6.6 billion project, the landlocked country’s single biggest investment. Lawmakers have argued for a bigger share of profit, while President Tsakhia Elbegdorj wants more management control. He faces elections in June with a fifth of the nation’s 3 million people in poverty despite world-beating economic growth of 17.3 percent in 2011.

                                                          www.orangecommodities.com

“In Bougainville the community felt, rightly or wrongly, they weren’t compensated adequately for the various impacts of mining they were having to absorb,” said Jeffrey Neilson, a senior lecturer in economic geography at the University of Sydney. Governments in emerging economies “have to be seen to be taking a strong stance and making sure that the benefits of their resource wealth are being shared.”Rio has refused government overtures to rewrite the agreement on the mine known as Oyu Tolgoi, raising tensions and comparisons with another Rio copper mine more than two decades ago. That project known as Panguna on the island of Bougainville in Papua New Guinea was shut by local protests and is still the subject of a U.S. court case.

Mining companies also need to consider wealth distribution in countries where they invest as a matter of course, said Michael Bush, who now heads credit research at National AustraliaBank Ltd. and formerly worked as a geologist at Triad Minerals Inc.

‘Fingers Burned’

At Panguna, which was closed in 1989 after protests turned violent, the company “got its fingers burned more than many” of its peers, Bush said.

The unrest at Panguna, led by Francis Ona a former Bougainville mine worker, revitalized an independence movement on the island. That prompted the Papua New Guinea government to declare a state of emergency and send in troops in a conflict in which thousands died.

Bougainville landowners later filed a U.S. lawsuit alleging Rio conspired with the PNG government in acts of genocide, human rights abuses and environmental damage. Rio lost anappeal to have the lawsuit thrown out on Oct. 25, 2011. In November the same year, Rio sought to appeal the ruling to the U.S. Supreme Court. No decision has been made, according to the court’s website.

‘Serious Risks’

The company has argued that as the case has no connection whatsoever to the

Gold Hammered to 7.5-Mo. Low on Technical Selling, Bearish FOMC Minutes

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Gold prices ended the U.S. day session sharply lower Wednesday, and then extended those losses in the afternoon following a bearish FOMC minutes report. Prices hit a fresh
7.5-month low as the precious yellow metals bulls are presently reeling. April gold last traded down $43.50 at $1,560.90 an ounce. Spot gold was last quoted down $44.90 at $1,560.50.  March Comex silver last traded down $1.017 at $28.405 an ounce.

The Federal Reserve’s Open Market Committee in early January said U.S. economic conditions are improving to the point that its massive asset purchasing program (quantitative easing) may have to be changed. The FOMC will further address the issue at its next meeting in March. Worries the FOMC minutes would indeed be bearish added to the technical selling pressure Wednesday morning. These minutes in the past few months have been market-movers, just like Wednesday’s. The U.S. Treasury markets, with their recent rising bond yields, are also hinting that the Fed’s very accommodative monetary policy of the past few years will start to wind down in the not-too-distant future. That’s yet another underlying bearish factor for the raw commodity sector, including gold and silver.

Wednesday’s price action on the daily chart for April Comex gold futures saw the 50-day moving average cross below the 200-day moving average, to produce what is called a “death cross.” This term has become somewhat popular in recent years, partly because it sounds so ominous. However, the technical significance of this particular moving average crossover signal is not major. In fact, a Dow Jones report Wednesday said that Schaeffer’s Investment Research analyst Ryan Detrick did a historical analysis of the death cross on gold, and he found that on average gold prices actually rebounded somewhat in the weeks and months following the death cross.

Another major bearish factor for the gold and silver markets in recent weeks has been rallying stock markets worldwide, which shows investor risk appetite is on the upswing—at the expense of demand for safe-haven assets like gold and to a lesser degree silver. The recent strength of the U.S. dollar index is also an underlying bearish factor for the precious metals markets. Recent developments coming out of the European Union paint a picture of improving financial and economic conditions, to suggest the EU has turned the corner toward recovery from its sovereign debt crisis. That’s also a bearish underlying factor for the safe-haven gold market.

METALS OUTLOOK: Sentiment In Gold Changes; Watch Asian Activity

The short-term sentiment in gold changed this week, particularly as the market took out an important technical-chart level, but whether the metal extends its losses might depend on what Asian buyers do next week when they return from their Lunar New Year festival.

Prices were lower on the day and the week. Most-active April gold on the Comex division of the Nymex settled at $1,609.50, down 3.4% on the week. March silver settled at $29.869, down 5% on the week.  
In the U.S., markets are closed Monday for the Presidents Day holiday. Trade resumes Tuesday.

In the Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 25 participants, nine see prices up, while 12 see prices down, and four see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

Market participants said attitudes in gold for now have changed, pointing to an increase in open interest in Comex futures market as prices fall. Open interest is a

Gold slides on euro zone recession fears

Gold futures extended losses from Thursday’s U.S. session in the early part of Asian trading today as traders digested some slack economic data out of Europe. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.24% to USD1,631.65 per troy ounce in Asian trading Friday. That decline comes after gold settled down 0.54% at USD1,636.15 a troy ounce in U.S. trading on Thursday.

Gold futures were likely to test support USD1,626.05 a troy ounce, the low from Jan. 4, and resistance at USD1,653.75, Wednesday's high. On Thursday, a reported showed the euro zone’s fourth-quarter GDP contracted by 0.6%, well below expectations for a 0.4% quarterly decline and far surpassing the previous 0.1% contraction. It was the worst rate of contraction since 2009 and the third straight quarter of negative growth. Typically, economists consider an economy to be in recession with two consecutive negative GDP readings.

Gold edges up in Asia despite a strong dollar

Gold edged up in Asian trade Monday despite a relatively strong dollar. Gold for immediate delivery was seen trading at $1667.15 an ounce at 12.00 noon Singapore time while US gold was seen at $1667.94 an ounce on the comex division of nymex.

Strength in the dollar and a rise in U.S. stocks following better-than-expected trade data drew investors away from the precious metal at the end of last week . Analysts said the precious yellow metal is likely to remain highly volatile during the day as most investors stayed away from trade ahead of Chines New Year holidays. Meanwhile, platinum and palladium hovered below their strongest levels in 17 months after

Oil rises following U.S. blizzard

Oil futures rose modestly to start the Asian trading week after one of the worst blizzards in decades struck the U.S. East Coast, prompting speculation that heating oil and natural gas prices are poised to jump in the near-term. On the New York Mercantile Exchange, light, sweet crude futures for March delivery added 0.06% to USD95.78 per barrel in Asian trading Monday. Last week, New York-traded crude dipped 1.85% for its first decline in nine weeks.

Traders seemed to gloss over comments from Indian billionaire Mukesh Ambani who said the U.S. is on pace to become energy independent as soon as 2018. Due to soaring production at various shale formations such as the Bakken and Eagle Ford, U.S. oil output has jumped in recent years to the point that the world’s largest oil consumer has become a next exporter of the commodity. Some estimates have said the U.S. will be energy by 2020 while others have put the date further out at 2030, implying Ambani’s comments are on the ambitious side. The U.S. December trade deficit fell to its lowest level in three years due to increased oil and gas exports. On a related note, British media reports said this weekend that the U.K. perhaps has enough shale gas reserves to fuel the kingdom for 1,500 years. Elsewhere, the African nation of Cameroon said this weekend that it sees oil production climbing 9% this year to an estimated 90,000 barrels per day. Last week, Norway’s state-controlled oil producer Statoil said it plans to spend USD20 billion per year in a bid to boost production by 25% per year by 2020. The company spend just USD13.7 billion on exploration and production projects three years ago compared with an estimated 2013 capital budget of USD19 billion. Elsewhere, Brent futures for April deliver fell 0.01% to USD117.80 per barrel on the ICE Futures Exchange.

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Natural gas prices plunge as forecasts finally agree on warming trend

Natural gas futures plummeted on Monday after weather services began forecasting a warming trend to settle in over the central and eastern swathes of the U.S.

On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.314 per million British thermal units, down 4.29%.

The commodity hit a session low of USD3.305 and a high of USD3.414.

Colder temperatures gripping the central and

Copper futures drop as profit taking, U.S. debt concerns weigh

               Copper futures declined during European morning hours on Monday, as focus remained squarely on the U.S. economic outlook and how U.S. lawmakers will deal with the upcoming debt ceiling debate.

Some profit taking also contributed to losses, after New York-traded copper prices rallied to the highest level since mid-October last week.

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.666 a pound during European morning trade, down 0.75% on the day.

New York-traded copper prices fell by as much as 1% earlier in the session to hit a daily low of USD3.657 a pound. Futures rose to USD3.758 on January 3, the strongest level since October 18.

Copper futures rallied last week after U.S. lawmakers passed a last-minute bill to avoid the fiscal cliff, a series of looming tax increases and spending cuts that could have pushed the U.S. economy back into a recession.

Focus was expected to remain on the U.S. economy, as investors remained jittery over the

Crude oil futures lower with U.S. economy in focus

                         Crude oil futures were lower during European morning trade on Monday, as focus remained on the U.S. economic outlook and how U.S. lawmakers will deal with the upcoming debt ceiling debate.

Some profit taking also contributed to losses, after New York-traded oil prices rallied to the highest level since mid-September last week.

On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD92.59 a barrel during European morning trade, down 0.5% on the day.

New York-traded oil prices fell by as much as 0.6% earlier in the session to trade at a daily low of USD92.56 a barrel. Oil futures touched USD93.82 a barrel on January 2, the strongest level since September 19.

New York-traded oil futures climbed 2.5% last week, the fourth consecutive weekly gain and the biggest advance in nearly three months.

Oil prices kicked off 2013 with sharp gains, after U.S. lawmakers passed a last-minute bill to avoid the

Gold futures edge higher as focus remains on Fed outlook

                Gold futures edged higher during European morning trade on Monday, as investors considered the outlook for Federal Reserve policy while focus remained squarely on the U.S. economy.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,655.15 a troy ounce during European morning trade, up 0.4% on the day.

Prices rose by as much as 0.8% earlier in the session to hit a daily high of USD1,662.55 a troy ounce. Gold futures fell to USD1,626.05 a troy ounce on January 4, the lowest level since August 21.

Gold prices were likely to find support at USD1,626.05 a troy ounce, the low from January 4 and resistance at USD1,690.55, January 3’s high.

Gold futures tumbled to a four-month low in the previous session after the minutes from the Federal Reserve’s December meeting indicated that the central bank could end its bond-buying program earlier than expected.

According to the minutes, several Fed officials thought the central bank would be able to slow or stop its quantitative easing program well before December 2013.

Moves in the gold price over the past year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.

On Friday, the U.S. Department of Labor said the economy added 155,000 jobs in December, easing from an increase of 161,000 in November. The unemployment rate held steady at 7.8%.

The Fed’s December minutes said monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.

Meanwhile, focus remained on how U.S. lawmakers will deal with the upcoming debt ceiling debate.

U.S. lawmakers passed a last-minute bill to avoid the fiscal cliff last week, a series of looming tax increases and spending cuts that could have pushed the U.S. economy back into a recession.

But investors remained jittery over the longer term fiscal outlook, with negotiations on raising the U.S. debt ceiling still to come in February.

A stronger U.S. dollar limited any significant gains. The dollar index, which tracks the performance of the greenback against a

Silver is next best thing in Pakistan

          Silver jewelery sales in Pakistan gained momentum after higher gold prices along with higher tax levied on buying gold.
According to All Sindh Sarafa Association sale of silver items at jewelery shops soared to a new high and keen business in silver was also seen in select parts of the country.

Consumers are forced to buy silver as it is considered “the next best thing”, they said. Similar to big neighbor India, silver prices in Pakistan climb steeply at the beginning of the festive season and also during the wedding season.
The main reason behind this is

Gold slightly higher in Asia; jobs, Fed still hurdles

                       Gold futures rose modestly in the early part of Monday’s Asian session after touching a four-month low last Friday as traders are still weighing the impact of the most recent U.S. jobs report and the possibility that the Federal Reserve’s quantitative easing program will come to an end this year. 

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery gained 0.66% to USD1,659.45 per troy ounce in Asian trading Monday. Bullion traded as high as USD1,660.05 and as low as USD1,655.95 per ounce.

 

After falling 0.3% last week, gold prices were likely to find support at USD1,626.05 a troy ounce, Friday’s low and a 19-week low and

Oil lower in Asia following last week’s surge

                Oil futures fell modestly in the early part of Monday’s Asian session, paring last week’s gains that saw crude rally 2.55%. That performance was good for the fourth consecutive weekly gain. 

On the New York Mercantile Exchange, light, sweet crude futures for February delivery fell 0.08% to USD93.02 per barrel. That small retrenchment comes after rose 0.2% Friday to settle the week at USD93.08 a barrel by close of trade. Crude futures flirted with the USD94 per barrel level last Wednesday.

 

Oil prices turned higher after the U.S. Energy Information Administration said that U.S. crude oil inventories fell by 11.1 million barrels last week, compared to expectations for a decline of 0.9 million barrels. 

Oil was also bolstered by a decent U.S. jobs report, which showed the world’s largest economy added 155,000 new jobs in December. That number was slightly ahead of economists’ expectations, but the unemployment rate also rose modestly to 7.8% from 7.7%. The U.S. is the world’s largest oil-consuming nation by a wide margin and signs of a pickup in economic activity there are viewed as a

Natural gas prices gain as inventories take unexpected dive

Natural gas futures shot up on Friday after inventories fell more than expected in the U.S., reversing several sessions of losses stemming from forecasts for warming temperatures.

On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD3.281 per million British thermal units, up 2.61%.

The Energy Information Administration reported earlier that U.S. natural gas storage fell by a seasonally adjusted annual rate of 135 billion cubic feet last week, beating out market calls for a decline of 127 billion cubic feet.

The news brought in buyers who have spent several days on the sidelines thanks to forecasts for warmer weather.

Earlier this week, weather service provider MDA Weather said that it expected temperatures to warm up in the coming days through the second week of January.

Elsewhere, Commodity Weather Group in Bethesda, Maryland, reported that cooler temperatures across most of the mainland U.S. will thaw and yield to above-normal temperatures from Jan. 7 through Jan. 11, which sent natural gas prices plummeting in earlier sessions. 

Natural gas futures are very sensitive to weather reports in the U.S. winter.

The U.S. heating season running from November through March sees peak demand for gas.

About half of U.S. households use gas for heating purposes, according to Energy Department data.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were up 0.16% and trading at USD93.06 a barrel, while heating oil for February delivery were down 0.28% and trading at USD3.0166 per gallon. - investing.com

Gold drops as U.S. jobs report fails to inspire rally

Gold prices dropped on Friday after the U.S. government released its December jobs report, which beat expectations but did not come in solid enough to spark a risk-on rally needed to bolster the precious metal. 

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 1.35% at USD1,652.05 a troy ounce in U.S. trading, up from a session low of USD1,626.05 and down from a high of USD1,664.45 a troy ounce.

Gold futures were likely to test support USD1,626.05 a troy ounce, the earlier low, and