Gold......
futures traded steady near $1340 an ounce levels in the early Europe session today with the US manufacturing and the home sales data on tap later today.
Gold for August delivery advanced $7.1 at $1,341.8 an ounce on the Comex division of the New York Mercantile Exchange.
The moves came ahead of a preliminary reading of U.S. manufacturing activity in July, with the report from Markit to mark the first national reading on manufacturing for the month. Also later Wednesday, the U.S. Commerce Department is expected to report a rise in sales of new homes in June.
Metals investors have keeping close tabs on economic data as the U.S. Federal Reserve assesses its next move on monetary stimulus that’s aimed at encouraging growth and has been considered beneficial for gold prices.
Gold prices have climbed more than 9% in July in part on speculation the Fed may continue with its current amount of stimulus for longer than anticipated. Last week, Federal Chairman Ben Bernanke said it was too early to determine whether the central bank will slow down the pace of asset purchases — now set at $85 billion a month — at its September meeting.
The base metals and crude oil futures lost ground on the heels of a weak reading for manufacturing activity in China.
US light sweet crude oil futures are trading down 3 cents at $ 107.20 per barrel in the mid electronic trades today.
September copper futures fell 3 cents, or 0.8%, to $3.17 a pound after the so-called “flash” version of HSBC’s Chinese manufacturing Purchasing Managers’ Index dropped to an 11-month low, at 47.7. Copper prices in July have gained 3.8%, but have dropped 13% on a year-to-date basis.
Prices of silver which has dual role as industrial and precious metals were able to gain ground on Wednesday. September silver rose 4 cents, or 0.2%, to $20.29 an ounce.
Source by Commodity Insights
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