Moderate Rise in Gold Trend – Traders Anticipate News from Central Banks

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Moderate Rise in Gold Trends - Traders Anticipate News from Central Banks
Moderate Rise in Gold Trends - Traders Anticipate News from Central Banks

With traders expecting remarks from the Federal Reserve and the European Central Bank on Thursday, the Asian trading session on Wednesday saw a moderate increase in prices of gold futures. Gold futures scheduled for June delivery increased 0.34% to a value of USD1,477.15 a troy ounce on Wednesday during Asian trading after finishing up 0.41% at USD1,473.45 per troy ounce on Tuesday in U.S. trading, as per the Comex division of the New York Mercantile Exchange. Gold futures were expected to seek support at USD1,460.65 per troy ounce, which was the previous low, and locate resistance at a value of USD1,484.75, that was Friday’s high.

After the announcement of mixed data, gold trends were seen to be moving just higher in the U.S. Traders continue to conjecture that due to the economic outlook of the Euro Zone, the ECB will be required to parting interest rates earlier than expected. The central bank’s benchmark interest rate is presently 0.75%.

The Comex silver scheduled for July delivery advanced 0.53% to a value of USD24.313 an ounce whereas copper for July delivery increased 0.13% to a value of USD3.193 an ounce.

A look at oil futures indicated that lower trading during the initial Asian session on Wednesday, subsequent to the release of weekly inventories data related to the American Petroleum Institute. Light, sweet crude futures that were scheduled for June delivery were seen to have slid 0.29% to USD93.19 a barrel on Wednesday, during Asian trading after finishing down 1.23% at USD93.34 per barrel in the U.S., the previous day, according to the New York Mercantile Exchange.

Economic data, related to U.S. and Europe, evaluated oil during sessions on Tuesday. Initially on Wednesday, API indicated that U.S. oil inventories surged by 5.2 million barrels previous week, which was considerably above 1.4 million-barrel rise that was speculated by analysts. Gasoline inventories fell by 2.7 million barrels, and distillate stockpiles lowered by 1.1 million barrels.

Analysts speculate a drop of 900,000 barrels in gasoline inventories and unchanged positions for inventories for distillates. The U.S. Energy Information Administration announces its inventories data later on Wednesday. Brent futures scheduled for June delivery increased 0.15% to a value of USD101.73 a barrel on the ICE Futures Exchange.