Gold futures edge lower ahead of ECB, U.S. jobs data
Gold futures edged lower in range bound trade on Thursday, as investors looked ahead to the European Central Bank meeting later in the session.
Market players were also awaiting data on U.S. jobless claims later Thursday to assess the strength of the U.S. economy and the need for further stimulus from the Federal Reserve.
Moves in the gold price this year have largely tracked shifting expectations as to whether the Federal Reserve would end its bond-buying program sooner-than-expected.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,392.55 a troy ounce during European morning hours, down 0.4% on the day.
Comex gold prices held in a range between USD1,391.25 a troy ounce, the daily low and a session high of USD1,403.55 a troy ounce.
Gold futures were likely to find support at USD1,385 a troy ounce,and near-term resistance at USD1,421.25, the high from May 31.
The ECB was not widely expected to make any changes to monetary policy at its monthly meeting later Thursday but the bank’s post-policy meeting press conference with President Mario Draghi would be closely watched.
Market players were also awaiting data on U.S. jobless claims later Thursday to assess the strength of the U.S. economy and the need for further stimulus from the Federal Reserve.
Moves in the gold price this year have largely tracked shifting expectations as to whether the Federal Reserve would end its bond-buying program sooner-than-expected.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,392.55 a troy ounce during European morning hours, down 0.4% on the day.
Comex gold prices held in a range between USD1,391.25 a troy ounce, the daily low and a session high of USD1,403.55 a troy ounce.
Gold futures were likely to find support at USD1,385 a troy ounce,and near-term resistance at USD1,421.25, the high from May 31.
The ECB was not widely expected to make any changes to monetary policy at its monthly meeting later Thursday but the bank’s post-policy meeting press conference with President Mario Draghi would be closely watched.
Copper futures fall 1% ahead of ECB, BoE meetings
Copper futures fell sharply on Thursday, moving off the previous session’s two-week high as traders turned their attention to a pair of important central bank meetings later in the day.
On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.338 a pound during European morning trade, down 1% on the day.
On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.338 a pound during European morning trade, down 1% on the day.
Oil inches up in Asia
Oil futures rose, but only modestly, in the early part of Thursday’s Asian session as crude showed slight strength despite some concerning U.S. data points out Wednesday.
On the New York Mercantile Exchange, light, sweet crude futures for July delivery inched up 0.02% to USD93.76 per barrel in Asian trading Thursday after settling up 0.44% at USD93.72 a barrel on Wednesday.
Crude was helped higher Wednesday by some supportive inventories data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.3 million barrels in the week ended May 31, shooting way past expectations for a decline of 356,000 barrels
On the New York Mercantile Exchange, light, sweet crude futures for July delivery inched up 0.02% to USD93.76 per barrel in Asian trading Thursday after settling up 0.44% at USD93.72 a barrel on Wednesday.
Crude was helped higher Wednesday by some supportive inventories data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.3 million barrels in the week ended May 31, shooting way past expectations for a decline of 356,000 barrels
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