Gold Updates
Gold futures ended Friday’s session at a three-week low, after stronger-than-expected U.S. nonfarm payrolls data fuelled speculation that the Federal Reserve may start tapering stimulus sooner-than-expected. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery tumbled 1.83% on Friday to settle the week at USD1,284.60 a troy ounce. Gold prices are down approximately 24% this year on concerns the Fed would begin cutting back its easy-money policy by trimming its USD85-billion monthly bond purchases.
Comex gold prices fell to a session low of USD1,280.50 a troy ounce earlier in the day, the weakest level since October 17. The December contract fell 0.71% on Thursday to settle at USD1,308.50 a troy ounce. Gold futures were likely to find support at USD1,273.80 a troy ounce, the low from October 17 and resistance at USD1,325.70, the high from November 7. On the week, the precious metal lost 2.17%, the second consecutive weekly decline.
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