Investing.com - Gold prices held on to modest losses on Monday, despite data showing that manufacturing activity in the Chicago-area slowed to the weakest level since August this month.
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in range between $1,289.10 a troy ounce and $1,299.10 an ounce,
Gold last traded at $1,292.80 an ounce during U.S. morning hours, down 0.12%, or $1.50.
Futures fell to $1,286.10 an ounce on Friday, the weakest level since February 12, before trimming losses to settle at $1,294.30, down 0.04%, or 50 cents.
Gold futures were likely to find support at $1,284.10 a troy ounce, the low from February 12 and resistance at $1,307.50, the high from March 27.
Market research group Kingsbury International said earlier that its Chicago purchasing managers’ index fell to a seasonally adjusted 55.9 this month from a reading of 59.8 in February. Analysts had expected the index to decline to 59.0 in March.
The new orders index fell to 58.8 in March from 63.6 in February, while the employment index dropped to 50.0 this month from 59.3 in the preceding month.
Investors now looked ahead to key U.S. jobs data later in the week for further indications on the strength of the labor market and the future course of monetary policy.
Comex gold prices lost 3%, or $40.50, last week, the second consecutive weekly decline, as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
Elsewhere on the Comex, silver for May delivery inched up 0.39%, or 7.8 cents, to trade at $19.86 a troy ounce. Silver ended Friday’s session up 0.42%, or 8.2 cents, to settle at $19.79 an ounce.
Meanwhile, copper for May delivery shed 0.42%, or 1.3 cents, to trade at $3.028 a pound.
Copper remained supported amid indications that China’s government is prepared to do more to shore up the cooling economy after China''s premier Li Keqiang said Friday that the country has policies in place to counter economic volatility.
The remarks helped ease concerns over recent signs of a slowdown in the world’s second-largest economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.