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MTECHTIPS:-Gold holds steady with U.S. economic reports on tap

MTECHTIPS:-Gold holds steady with U.S. economic reports on tap

Gold prices held steady in European morning hours on Friday, as investors eyed a flurry of U.S. economic reports due later in the day for further indications on the strength of the economy. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were steady at $1,111.50. The December contract ended Thursday’s session 0.71% lower at $1,115.60 an ounce. Futures were likely to find support at $1,101.10, the low from August 12 and resistance at $1,126.30, Thursday’s high. Gold prices came under pressure after data on Thursday showed that U.S. jobless claims rose more than expected last week, but held near the lowest level since November 1973. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 8 rose by 5,000 to 274,000 from the previous week’s total of 269,000. In addition, the U.S. Commerce Department said that retail sales increased by 0.6% last month, beating expectations for a gain of 0.5%, while core retail sales, which exclude automobile sales, rose by 0.4% in July, matching forecasts. Market players now looked ahead to the U.S. data on producer prices, industrial production and consumer sentiment due later Friday, amid ongoing expectations for a September rate hike.

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