Gold futures traded lower after US GDP report

Gold futures deleted gains and traded lower on Wednesday, as official data showed that the US economy grew more than expected in 2012’s second quarter, soothing concerns over the country’s economic outlook. Investors looked ahead to the Federal Reserve’s policy statement due later in the trading session. On the New York Mercantile Exchange Comex division, gold futures for December delivery traded at 1,323.55 USD a troy ounce during US trading hours, down 0.1%. Comex gold increased 1.1% earlier in the session and hit a session high of 1,339.15 USD a troy ounce. The December contract...

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Gold futures plunged, Oil traded higher

Gold futures shifted trend and traded aggressively lower after reaching a three week high in Wednesday’s US session. On the New York Mercantile Exchange’s Comex division, gold futures for August delivery dropped 1% to 1,277.55 USD per troy ounce on Wednesday. Gold futures were expected to find support at 1,237.05 USD a troy ounce and resistance at 1,301.75 USD. Earlier in the session traders bid bullion higher after Federal Reserve Chairman Ben Bernanke reported the pace of the central bank’s bond purchases is not a “preset course”. Bernanke said: “I emphasize that, because our asset...

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Copper and Euro rise as Fed, China fears ease

Copper futures traded higher on Thursday, amid expectations the Federal Reserve will sustain its bond purchases for longer and after data showed that profit growth at Chinese industrial companies accelerated in May. On New York Mercantile Exchange’s Comex division, copper futures for September delivery traded at 3.069 USD a pound during European trading hours, up 0.9% on the day. New York traded copper prices increased by as much as 1.1% earlier in the session and hit a daily high of 3.073 USD a pound. The Commerce Department reported on Wednesday that US gross domestic product increased at...

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Gold futures continue to extend losses

On Thursday, after the Federal Reserve announced it may start scaling back its bond buying program by the end of the year, gold futures continued to extend losses and traded at the lowest level since September 2010. On the New York Mercantile Exchange’s Comex division, gold futures for August delivery traded at 1,290.15 USD a troy ounce during European trading hours, down 6.1% on the day. Comex gold prices dropped by as much as 6.3% earlier in the session and hit a daily low of 1,287.25 USD a troy ounce, the lowest level since September 28, 2010. Gold futures were expected to find near-term...

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Gold futures increased amid expectations for stimulus policies

Gold futures traded higher this Monday, as expectations for the Federal Reserve and the European Central Bank to continue their easy monetary stimulus policies continued to support sentiment. Gold futures may rise on such easy money environments because of expectations that large liquidity put a damper on the value of paper currencies. On the New York Mercantile Exchange Comex division, gold futures for June delivery traded at 1,470.95 USD a troy ounce, up 0.45% on the day. Comex gold prices traded in a rage between a daily high of 1,478.15 USD a troy ounce and a session low of 1,467.85 USD...

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Gold futures continue to add gains

US Gold prices stabilized this Wednesday after soft German business confidence data initiated a growing number of market traders to take up gold positions amid endorsing speculation that of a European Central Bank rate cut, which typically weaken paper currencies and make gold an attractive hedge. After official US data showed that durable goods orders dropped unexpectedly this March, while core orders dropped, enforcing concerns over the US economic outlook, gold futures continued to rise sharply, adding to high gains. Physical demand for the precious metal pushed prices further as well....

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