Investing.com - Gold futures traded modestly lower during Thursday’s Asian session amid profit-taking that followed a decent showing Wednesday, the end of a seven-day skid for bullion.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell 0.08% to USD1,316.00 per troy ounce in Asian trading Thursday. The December contract settled higher by 0.74% at USD1,317.80 per ounce on Wednesday.
Gold futures were likely to find support at USD1,305.80 a troy ounce, Tuesday's low, and resistance at USD1,322.10, Monday's high.
Gold got a lift Wednesday from a weaker dollar as U.S. stocks roared higher. The greenback was also forced lower on speculation the European Central Bank is unlikely to lower interest rates when it meets later Thursday. The ECB’s benchmark rate is currently 0.5%.
Gold was also supported by decent euro zone data out Wednesday. Factory orders in Germany, Europe's largest economy, rose 3.3% in September, far surpassing expectations for a gain of 0.5% and were also up 7.9% on year.
Elsewhere, revised data revealed that the final reading of the euro zone’s services purchasing managers’ index ticked down to 51.6 in October from 52.2 in September but was still higher than a preliminary estimate of 50.9.
Still, gold prices remain hovering around levels that make analysts and investors ponder further downside and the ability miners to profitably extract gold from the earth in the event of additional price retrenchment.
Elsewhere, Comex silver for December delivery inched down 0.02% to USD21.763 per ounce while copper for December delivery rose 0.11% to USD3.245 an ounce.
