Gold Prices Drift Lower, Short-Term Defensive Support Fades
BUZ INVESTORS Gold Prices Drift Lower Gold is trading at $1254.80 per ounce at 09:40 GMT this morning, 0.21% lower from the New York close. This morning, the precious metal traded at a high of $1257.80 per ounce and a low of $1253.00 per ounce. Yesterday, gold traded 0.3% higher in the New York session and closed at $1257.40 per ounce, amid weakness in the US Dollar. Immediate downside, the first support level is seen at $1252.30 per ounce, while on the upside, the first resistance level is at $1257.60 per ounce.
An underlying strengthening in risk appetite and rise in global bond yields has curbed defensive demand for gold, although selling has been contained ahead of Wednesday’s Fed statement.
After gaining ground immediately after the US ISM data on Monday, gold prices were unable to regain the $1,270 per ounce area and there was sharp selling pressure towards the European close as the US currency regained ground.
Gold Prices Drift Lower
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Gold decreased 7.59 USD/t oz. or 0.60% to 1,249.20 on Wednesday May 3 from 1,256.79 in the previous trading session. Historically, Gold reached an all time high of 1898.25 in September of 2011 and a record low of 34.83 in January of 1970.
The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. Gold Futures are available for Trading in the Commodity Exchange (COMEX) which merged with the New York Mercantile exchange in 1994 and became the division responsible for metals trading. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. However, Gold is not only a precious metal but also a commodity vital for many industries. Gold is an excellent conductor of electricity, is extremely resistant to corrosion, and is one of the most chemically stable of the elements, making it critically important in electronics and other high-tech applications. This page provides – Gold – actual values, historical data, forecast, chart, statistics, economic calendar and news. Gold – actual data, historical chart and calendar of releases – was last updated on May of 2017.
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