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MTECHTIPS:-Gold futures rise but upside seen limited

MTECHTIPS:-Gold futures rise but upside seen limited

Gold prices rose in European morning hours on Friday, but gains were expected to remain limited as upbeat U.S. economic reports and lower volatility in Asia dampened demand for the safe-haven metal. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.55% at $1,129.00. The December contract ended Thursday’s session 0.18% lower at $1,122.60 an ounce. Futures were likely to find support at $1,117.00, Thursday’s low and resistance at $1,146.00, Wednesday’s high. Gold prices came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 3.7% in the three months ending June 30, above expectations for growth of 3.2%. Preliminary data initially pegged U.S. growth at 2.3% in the second quarter. The U.S. economy expanded 0.6% in the previous quarter. In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 22 declined by 6,000 to 271,000 from the previous week’s total of 277,000. Analysts had expected initial jobless claims to fall by 3,000 to 274,000 last week.

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