Gold futures on the Comex division of the New York Mercantile Exchange edged lower as the bullion market took a breather after Wednesday's sharp rally. June gold was down $1.60 at $946.70 an ounce. Range from $944.20 to $956.20.
US crude traded flat but near a record high $115.54 per barrel, keeping gold from falling further. Dollar erased initial gains but still trading near a record low against the euro, supporting bullion.
Bullion may require increasingly more severe news to keep driving its prices higher, HSBC analyst James Steel said. Combination of rising inflation and rate cutting has been a main driver of the gold rally, Steel added. The $940 level appears supportive, and gold could still aim for $960 before significant profit-taking emerges, analyst revealed. Estimated final Comex volume 52,368 lots.
Spot gold at $942.60/943.60, compared with $943.90/944.70 at the close Wednesday. London afternoon gold fix was $946. July platinum was up $8.20 at $2,045.50 an ounce.
Platinum currently probing the $2,036-2,044 resistance band, and strong resistance is expected. Spot traded at $2,045/2,055. June palladium was down $3.15 at $456.85 an ounce. A break above $466 should find resistance at $472/480. Spot traded at $456/461. May silver was down 4.5 cents at $18.280 an ounce. Ranged $18.225 to $18.770. Spot silver was at $18.25/18.30, against Wednesday's late quote at $18.28/18.33. Silver fixed in London at $18.56.
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