Gold futures are trading higher in the early part of Wednesday’s Asian session, indicating that the yellow metal’s safe-haven status is not acting as a thorn in its side despite a surging U.S. equity market.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.22% to USD1,1578.30 per troy ounce in Asian trading Wednesday. Gold settled up 0.06% at USD1,573.40 a troy ounce in U.S. trading on Tuesday.
Gold futures were likely to test support USD1,568.80 a troy ounce, Monday's low, and resistance at USD1,619.40, last Tuesday's high.
Even as the Dow Jones Industrial Average jumped to a record high, gold was supported by one solid U.S. data point. In U.S. economic news, the Institute for Supply Management said its February purchasing managers index rose to 56% from 55.2% in January. Economists expected the February reading to be unchanged from the prior month. The index has risen for 39 consecutive months. Continue Reading...
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