Gold futures are trading to the upside during Wednesday’s Asian session, rebounding back above the all-important USD1,600 per ounce level after falling in Tuesday’s U.S. session.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.24% to USD1,601.15 per troy ounce in Asian trading Wednesday after settling down 0.54% at USD1,597.75 a troy ounce in U.S. trading on Tuesday.
Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high.
Soaring U.S. equities, due in part to some solid data points there, sent traders scurrying to riskier assets and away from safe-haven fare such as gold.
In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7.
The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis.
The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%.
Elsewhere, it was reported that Russia’s central bank boosted its gold holdings for a fourth consecutive month in February. Turkey’s central bank has also been seen as a recent buyer of bullion.
Meanwhile, Comex silver for May delivery added 0.25% to USD28.75 per ounce while copper for May delivery rose 0.12% to USD3.458 per ounce.
Courtesy : Investing.Com