The prices of gold and silver futures swung between small gains and losses Wednesday, because investors looked ahead to introduce the U.S. economic data later in the day for more information on the economic strength .
U.S. Instead, gold futures delivery in August fell to 0.12%, or $ 1.60, to trade at $ 1328.20 a troy ounce during early European morning hours. Prices remain in a narrow range between $ 1325.30 and $ 1328.60.
Gold jumped to $ 1,334.90 on Tuesday, the most since March 24, before cutting gains to settle at $ 1326.60, up 0.35%, or $ 4.60.
The prices were likely to find support at $ 1305.40, the low of June 25 and resistance at $ 1339.10, the high of March 21.
Also on the Comex, silver for September futures delivery inserted at 0.15%, or 3.1 cents, to trade at $ 21.14 a troy ounce. Prices partially recovered to $ 21.21 on Tuesday, the highest level since March 18.
The U.S. will unveil the ADP report job creation in the private sector in late June in the session. The report takes place before monthly jobs report of government on Thursday that expected to exhibit a gain of 212,000 new jobs in June.
The data will be unveiled a day earlier than usually because of the July 4 U.S. Independence Day on Friday.
Market participants also looked ahead to a speech of the President of the Federal Reserve, Janet Yellen, the International Monetary Fund later in the day for more guidance on the future path of monetary policy.
Her feedback will be followed by a talk with the managing director of the IMF, Christine Lagarde.
The prices of gold and silver remained supported on expectations the Fed to keep rates on hold for a prolonged period while after data last week showed that the U.S. economy contracted at a yearly rate of 2.9% in the first quarter.
Instead of in Indian commodity market, At the Multi Commodity Exchange, gold futures delivery in October declined by Rs 42, or 0.15 per cent, to Rs 27,803 per 10 grams. Similarly, August gold futures shed Rs 22, or 0.08 per cent, to Rs 27,724 per 10 grams.
While, Silver futures delivery in July was trading at Rs 44237 down Rs 61, or 0.14 percent. Similarly, Silver futures delivery in September was trading at Rs 44780 down Rs 110, or 0.25 percent.
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