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MTECHTIPS:-Gold erases gains made on talk of U.S. monetary stimulus
Gold prices fell in Asian trading Thursday as investors sold for profits.The yellow metal shot up in U.S. and European trading on growing sentiment the Federal Reserve will consider stimulating the economy via quantitative easing measures, which weaken gold's traditional hedge, the dollar. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.65% at USD1,623.55 a troy ounce. Gold hit at a low of USD1,618.85 a troy ounce and a high of USD1,624.05 a troy ounce during the session.Gold futures were likely to test support at USD1,546.35 a troy ounce, the low of June 1, and resistance at USD1,642.15, the high from June 6.The Federal Reserve's monetary policy committee will meet next week and talk has been growing that voting members are growing increasingly likely to consider rolling out a round of quantitative easing.
Gold prices fell in Asian trading Thursday as investors sold for profits.The yellow metal shot up in U.S. and European trading on growing sentiment the Federal Reserve will consider stimulating the economy via quantitative easing measures, which weaken gold's traditional hedge, the dollar. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.65% at USD1,623.55 a troy ounce. Gold hit at a low of USD1,618.85 a troy ounce and a high of USD1,624.05 a troy ounce during the session.Gold futures were likely to test support at USD1,546.35 a troy ounce, the low of June 1, and resistance at USD1,642.15, the high from June 6.The Federal Reserve's monetary policy committee will meet next week and talk has been growing that voting members are growing increasingly likely to consider rolling out a round of quantitative easing.
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