Gold Pares Gain After GDP Data but Remains Higher After Technical Momentum

Source:

"Traders have been keying off major U.S. economic reports for some time now as they try to gauge whether data will mean any more monetary easing from the Federal Open Market Committee."

Kitco News, Allen Sykora

U.S. gold futures pared their overnight gains Friday morning after a stronger-than-forecast report on U.S. gross domestic product.

Previously, the market rallied in electronic overnight screen trading to the highest level in nearly seven weeks as the precious metal gained technical-chart momentum after getting boosted the last two days by comments from European Central Bank officials.

Just before 9 a.m. EDT, gold for August delivery was $5.10 higher to $1,620.20/ounce (oz) on the Comex division of the New York Mercantile Exchange, while the December contract was up $5 to $1,624.80/oz. As of Thursday, August had the most volume but December the most open interest as the rollover continues. September silver was up $0.074 to $27.52/oz. . .View Full Article

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