Gold Futures Edge Lower During Asian Trading Session
Gold futures traded slightly lower during Tuesday’s Asian session, reflecting cautious market sentiment as investors monitored movements in the US dollar and broader commodity markets.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were trading at USD 4,723.00 per troy ounce at the time of writing, down 0.12% on the day.
Earlier in the session, the precious metal touched an intraday low before stabilizing near current levels. Market analysts expect gold to find immediate support at USD 4,655.59, while resistance is projected around USD 4,783.25.
Meanwhile, the US Dollar Index Futures, which tracks the performance of the greenback against a basket of six major currencies, climbed 0.22% to USD 98.04, adding pressure to gold prices.
In other metals trading on Comex, silver futures for July delivery declined 0.60% to USD 86.46 per troy ounce. Copper futures for July delivery, however, edged up 0.08% to USD 6.49 per pound.