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MTECHTIPS:-Gold futures gain ahead of Bernanke, U.S. stimulus in focus
Gold futures were higher on Wednesday, ahead of congressional testimony on the economy by Federal Reserve Chairman Ben Bernanke later in the day.Gold traders also looked ahead to Wednesday’s Federal Reserve minutes for further hints regarding the central bank’s monetary policy.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,384.85 a troy ounce during European morning hours, up 0.55% on the day.Comex gold prices rose by as much as 0.7% earlier in the session to hit a daily high of USD1,387.45 a troy ounce.Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,399.55, the previous session’s high. Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year. The minutes of the Fed’s May meeting are to be released later in the trading day. On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes. Comments by New York Fed President William Dudley were also interpreted as suggesting the central bank wasn’t about to taper off its bond-purchase program.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,384.85 a troy ounce during European morning hours, up 0.55% on the day.Comex gold prices rose by as much as 0.7% earlier in the session to hit a daily high of USD1,387.45 a troy ounce.Gold futures were likely to find support at USD1,337.85 a troy ounce, the low from May 20 and resistance at USD1,399.55, the previous session’s high. Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year. The minutes of the Fed’s May meeting are to be released later in the trading day. On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes. Comments by New York Fed President William Dudley were also interpreted as suggesting the central bank wasn’t about to taper off its bond-purchase program.
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