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3 Jul 2015
Gold strengthens above 3-1/2 low
FXStreet (Mumbai) - Gold prices trade above a 3-1/2 month low on Friday, after a weaker-than-expected jobs data released on Thursday tempered September rate hike expectations.
The spot currently trades 0.30% higher at USD 1167/Oz levels. The metal fell to USD 1156.85/Oz on Thursday, its lowest since mid-March, but pared losses after US economic data. However, the metal is still down almost 0.7% this week due to the strength in the USD.
Meanwhile, SPDR Gold Trust, the top gold-backed exchange-traded fund, said its holdings fell 0.25 per cent to 709.65 tonnes on Thursday, not too far from a near-six-year low hit last month.
Gold Technical Levels
The immediate support is located at 1158, under which losses could be extended to 1147.6 (Mar 11 low). On the flip side, a break above 1168.6 (June 26 low) could see the metal re-test 1175.00.
The spot currently trades 0.30% higher at USD 1167/Oz levels. The metal fell to USD 1156.85/Oz on Thursday, its lowest since mid-March, but pared losses after US economic data. However, the metal is still down almost 0.7% this week due to the strength in the USD.
Meanwhile, SPDR Gold Trust, the top gold-backed exchange-traded fund, said its holdings fell 0.25 per cent to 709.65 tonnes on Thursday, not too far from a near-six-year low hit last month.
Gold Technical Levels
The immediate support is located at 1158, under which losses could be extended to 1147.6 (Mar 11 low). On the flip side, a break above 1168.6 (June 26 low) could see the metal re-test 1175.00.