Investing.com - Gold prices rose in Asian trading Thursday, regaining strength and looking for new direction after plummeting in recent sessions in wake of a U.S. Federal Reserve statement that saw the U.S. economy moving ahead on its own, making no mention of a need for Fed intervention.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded up 0.09% at USD1,644.45 a troy ounce.
Gold futures were likely to test support at USD1,634.75 a troy ounce, Wednesday's low and resistance at USD1,782.75, Wednesday's high.
Gold plummeted when the U.S. Federal Reserve wrapped up a Tuesday monetary policy meeting without mentioning any need for stimulus measures such as quantitative easing, which weaken the dollar.
No talk of extraordinary monetary policies, coupled with a reasonably positive view of the U.S. economy, sent the dollar soaring and gold plummeting, although by early Thursday in Asian trading, gold brushed off U.S. monetary policy talk and recovered.
Investors, however, weren't rushing back into the metal and instead took a wait-and-see approach.
Lackluster inflation figures out of Europe kept demand for gold at bay as well, since the yellow metal is often used as an inflationary hedge.
Elsewhere on the Comex, silver for May delivery was up 0.11% and trading at USD32.218 a troy ounce, while copper for May delivery was up 0.27% and trading at USD3.839 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded up 0.09% at USD1,644.45 a troy ounce.
Gold futures were likely to test support at USD1,634.75 a troy ounce, Wednesday's low and resistance at USD1,782.75, Wednesday's high.
Gold plummeted when the U.S. Federal Reserve wrapped up a Tuesday monetary policy meeting without mentioning any need for stimulus measures such as quantitative easing, which weaken the dollar.
No talk of extraordinary monetary policies, coupled with a reasonably positive view of the U.S. economy, sent the dollar soaring and gold plummeting, although by early Thursday in Asian trading, gold brushed off U.S. monetary policy talk and recovered.
Investors, however, weren't rushing back into the metal and instead took a wait-and-see approach.
Lackluster inflation figures out of Europe kept demand for gold at bay as well, since the yellow metal is often used as an inflationary hedge.
Elsewhere on the Comex, silver for May delivery was up 0.11% and trading at USD32.218 a troy ounce, while copper for May delivery was up 0.27% and trading at USD3.839 a pound.