MTECHTIPS Gold futures move higher in holiday-thinned trade

MTECHTIPS:-Gold futures move higher in holiday-thinned trade

Gold futures extended gains from last week to move mildly higher on Monday, as reports of central bank buying boosted sentiment on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,394.25 a troy ounce during U.S. morning hours, up 0.5% on the day. Comex gold prices held in a tight range between USD1,384.04 a troy ounce, the daily low and a session high of USD1,396.15 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 USD1,413.05, the high from May 22.Trading volumes are expected to remain light as Comex floor trading will remain closed for Memorial Day. Sentiment on the precious metal was boosted after data from the International Monetary Fund showed that Russia and Kazakhstan added to their gold reserves for a seventh straight month in April.
Russian holdings rose 8.4 metric tons to 990 tons, while Kazakhstan’s central bank purchased 2.6 tons to take its total holdings to 125.5 tons. Meanwhile, investors continued to speculate over the need for further stimulus in the U.S.