Gold prices slid lower on Friday, as markets focused
on the release of U.S. economic reports due later in the day for further
indications on the strength of the economy.
On the Comex division of the New York Mercantile
Exchange, gold futures for December delivery were down 0.40% at $1,344.65.
The December contract ended Thursday’s session 0.14%
lower at $1,350.00 an ounce.
Futures were likely to find support at $1,328.50,
the low from August 9 and resistance at $1,354.20, the high from August 10.
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| International Market News |
On Thursday, data showed that U.S. initial jobless
claims decreased by 1,000 to 266,000 last week, disappointing expectations for
a 4,000 drop to 265,000 last week.
Gold is sensitive to moves in U.S. rates. A gradual
path to higher rates is seen as less of a threat to gold prices than a swift
series of increases.
Another report showed that the country’s retail
sales rose by an annualized rate of 10.2% last month, confounding expectations
for a 10.5% increase.
The data added to concerns over a slowdown in the world’s
second largest economy. China is also the world’s second biggest consumer of
gold.
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Crude Oil September expiry is quoted at $ 48.35 per barrel - up 0.3 percent.
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