The prices of gold traded near a one-week low on Thursday after the Federal Reserve's decision by to diminish their monthly buying program bonds at $ 10 billion for the fourth successive meeting.
On the Comex division of the NYMEX, gold for delivery in June took place in a narrow range between $ 1,285.10 per troy ounce and $ 1,293.10 an ounce.
Gold quoted at $ 1286.90 per ounce during early European morning trade hours, down 0.69%, or $ 9.00. Futures fell by 0.03%, or 40 cents an ounce on Wednesday to close at $ 1295.90.
The prices of gold were likely to find support at $ 1268.40 per troy ounce, the low of April 24 and resistance at $ 1306.60, the high of April 28. The Federal Reserve said Wednesday that it decrease its bond purchases by $ 10 billion to totaling of $ 45 billion a month, in a widely expected decision. The Federal Reserve also stated that the interest rates would be kept on hold at historic lows for a "substantial time" after the bond buying program ends later this year.
The U.S. central bank admitted that the first quarter growth was far weaker than expected, but said that the moment had started to pick up the last few weeks.
Data showed Wednesday data showed the U.S. economy expanded at an annual pace of 0.1% during the first three months of the year, far short of expectations of a 1.2% expansion.
The investors now glanced forward to jobs in the U.S. closely-Friday report for April, which was expected to show the rebound in the labor market continues.
News By Investing.com
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On the Comex division of the NYMEX, gold for delivery in June took place in a narrow range between $ 1,285.10 per troy ounce and $ 1,293.10 an ounce.
Gold quoted at $ 1286.90 per ounce during early European morning trade hours, down 0.69%, or $ 9.00. Futures fell by 0.03%, or 40 cents an ounce on Wednesday to close at $ 1295.90.
The prices of gold were likely to find support at $ 1268.40 per troy ounce, the low of April 24 and resistance at $ 1306.60, the high of April 28. The Federal Reserve said Wednesday that it decrease its bond purchases by $ 10 billion to totaling of $ 45 billion a month, in a widely expected decision. The Federal Reserve also stated that the interest rates would be kept on hold at historic lows for a "substantial time" after the bond buying program ends later this year.
The U.S. central bank admitted that the first quarter growth was far weaker than expected, but said that the moment had started to pick up the last few weeks.
Data showed Wednesday data showed the U.S. economy expanded at an annual pace of 0.1% during the first three months of the year, far short of expectations of a 1.2% expansion.
The investors now glanced forward to jobs in the U.S. closely-Friday report for April, which was expected to show the rebound in the labor market continues.
News By Investing.com
Get more commodity market latest news & updates with 100McxTips. Follow our latest market tweets @100mcxtips and Like our Facebook profile page : https://www.facebook.com/100mcxtips
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