Gold Futures Edge Lower During Asian Trading Session
Gold futures traded lower during Tuesday’s Asian session as investors remained cautious amid a slightly stronger US Dollar and shifting market sentiment.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were trading at $4,538.07 per troy ounce at the time of writing, down 0.44% on the day.
Earlier in the session, the precious metal touched an intraday low before attempting a modest recovery. Gold prices are expected to find immediate support near $4,483.97, while key resistance is seen around $4,725.80.
Meanwhile, the US Dollar Index Futures, which tracks the performance of the Greenback against a basket of six major currencies, gained 0.03% to trade at 99.08. A firmer US Dollar typically weighs on gold prices by making the metal more expensive for holders of other currencies.
In other metals trading on Comex, silver futures for July delivery declined 1.54% to $76.25 per troy ounce. Copper futures for July delivery also moved lower, falling 1.31% to $6.25 per pound.
The broader weakness across precious and industrial metals reflects cautious investor sentiment as traders continue monitoring global economic conditions, inflation expectations, and future interest rate signals from the Federal Reserve.