Weinig beweging in goudprijs op woensdag.......
Gold futures were little changed during European morning trade on Wednesday, after falling sharply in the previous session as investors scaled back expectations for further easing in the U.S. following stronger-than-expected retail sales data.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,600.85 a troy ounce during early European trade, easing up 0.03%.
Prices were stuck in a narrow trading range of USD1,603.75 a troy ounce, the daily high and a session low of USD1,599.65 a troy ounce.
Gold futures were likely to find near-term support at USD1,593.95 a troy ounce, Tuesday’s low and resistance at USD1,616.75, the previous session’s high.
Gold prices fell by as much as 1% Tuesday after official data showed that retail sales in the U.S. posted the largest monthly gain since February, easing concerns over the country’s economic outlook.
The U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.8% in July, the largest monthly gain since February and the first increase in four months.
The upbeat data reduced expectations for further easing measures by the Federal Reserve to boost growth.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.
But prices remained supported as weak growth data out of the euro zone kept alive hopes for more stimulus measures from the European Central Bank.
Data on Tuesday showed the euro zone economy contracted by 0.2% in the three months to June, but core economies Germany and France avoided contraction.
ECB President Mario Draghi has said recently that monetary policy officials will do whatever it takes to bolster the region’s economy.
There are also expectations in the market that China will cut its banks’ reserve requirement ratio following the release of a flurry of mostly downbeat data earlier in the month.
Market players are already beginning to focus on an annual meeting of economists and central bankers in Jackson Hole, Wyoming, at the end of August.
Policy meetings by the ECB and the Fed in early-September are also in focus.
Expectations of monetary stimulus tend to benefit gold, as the metal is seen as a safe store of value and inflation hedge.
Elsewhere on the Comex, silver for September delivery dipped 0.1% to trade at USD27.74 a troy ounce, while copper for September delivery added 0.1% to trade at USD3.363 a pound.