Gold futures steadies ahead of U.S. GDP report, investors cut holdings amid Fed rates

Gold futures steadies ahead of U.S. GDP report, investors cut holdings amid Fed rates

Comex gold futures were steady in European morning hours on Friday, as investors awaited the release of US first Q4 economic growth data later in the day, investors scaled back holdings in bullion-backed funds to a minimum of four months amid speculation US interest rates will rise this year.

Gold for immediate delivery added 0.1 percent to $1,189.79 an ounce in London. Beside, on the Comex, gold futures for August delivery were steady at $1,188.50.

On Thursday, the National Association of Realtors said its measure of pending home sales rose 3.4% last month at the highest levels since 2006, easily exceeding the expectations of a gain of 0.9%.

Year after year, pending home sales increased at an annualized pace of 13.4% in April, blowing previous expectations of a 10.2% increase and after a gain of 13.5% in February.

The data were produced after the Labor Department of the United States reported that the number of individuals who filed for unemployment benefits in the week ending May 23 with a five-week total of 282,000 the previous week increased by 275,000.

Investors sold bullion through ETFs for a second straight day, cutting holdings by 0.9 metric tons as of Thursday, according to Bloomberg data.

Gold and silver are extremely sluggish. Gold has support from the weak dollar in international markets, while the rupee recovery is pressure on domestic prices. Currently 0.1 per cent weakness in MCX gold is trading at Rs 26,830.

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