Gold rises slightly following rough week

Coming off a dreadful run last week, gold futures rose slightly in the early part of Monday’s Asian session, perhaps as buyers see the yellow metal as oversold for the time being.

On the Comex Division of the New York Mercantile Exchange, gold futures for April delivery added 0.40% to USD1,615.80 per troy ounce in Asian trading Monday. That small gain comes after gold slid 1.6% on Friday, capping off a 3.45% weekly loss, good for bullion’s worst weekly performance since May 2012.

Gold prices were likely to find support at USD1,590.25 a troy ounce, the low from August 15 and near-term resistance at USD1,635.95, Friday’s high. Continue Reading...