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MTECHTIPS;-Gold prices little changed near 2-week lows

Monday, October 3, 2016 1:38
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MTECHTIPS;-Gold prices little changed near 2-week lows

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MTECHTIPS- Gold prices were little changed near two-week lows on Monday, as market sentiment remained supported as concerns over Deutsche Bank’s health continued to ease. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were steady at $1,318.50. The December contract ended Thursday’s session 0.67% lower at $1,317.10 an ounce. Futures were likely to find support at $1,312.90, Friday’s low and a two-month low and resistance at $1,327.70, Friday’s high. Safe-haven demand weakened following reports late last week that Deutsche Bank(DE: DBKGn) is nearing a deal to settle a mortgage-securities investigation by paying a $5.4 billion fine, well below the Justice Department’s original proposal of $14 billion. Meanwhile, gold prices were also affected by a stronger dollar after the University of Michigan said in a revised report on Friday that its consumer sentiment index hit 91.2 in September, up from a previous estimate of 89.8 and beating expectations for a reading of 90.0. Data also showed that the Chicago purchasing managers’ index rose to 54.2 this month from 51.5 the previous month, exceeding expectations for an uptick to 52.0. Elsewhere in metals trading, silver futures for December delivery slid 0.40% to $19.138 a troy ounce, while copper futures for December delivery edged up 0.16% to $2.214 a pound.

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