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MTECHTIPS;-Gold prices little changed, seen higher

Friday, September 30, 2016 1:10
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MTECHTIPS;-Gold prices little changed, seen higher

 

MTECHTIPS- Gold prices were little changed on Friday, as mixed U.S. data released on Friday weighed on the dollar and as sustained concerns over the European banking sector pushed traders to turn to safer assets. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up -% at $1,338.65. The December contract ended Thursday’s session 0.17% higher at $1,326.00 an ounce. Futures were likely to find support at $1,314.70, Thursday’s low from September 9 and resistance at $1,330.65, Wednesday’s high. Investors awaited the release of U.S. personal spending and consumer sentiment data, as well as report on manufacturing activity in the Chicago area for further indications on the strength of the economy. Gold prices had strengthened after data on Thursday showed that U.S. pending home sales fell 2.4% last month, missing expectations for an increase of 0.3%. The report came shortly after official data showed that the third estimate of U.S. second quarter gross domestic product showed growth of 1.4%, revised from the previous reading of a 1.1% expansion. Another report showed that U.S. initial jobless claims increased by 3,000 to 254,000 last week, compared to expectations for a 9,000 rise.

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