Gold prices drifted lower on Wednesday despite lingering worries about economic growth and some disappointing quarterly earnings from top U.S. companies.
The dollar's weakness limited gold's downside. The dollar index, which dropped to 101.01, recovered to 101.47, but still remains notably down from the previous close of 101.86.
Gold futures for June ended lower by $8.50 or about 0.4% at $1,996.00 an ounce.
Silver futures for May edged lower by $0.006 to settle at $24.876 an ounce, while Copper futures for May settled at $3.8535 per pound, up $0.0055 from the previous close.
In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured durable goods surged by much more than expected in March amid a substantial rebound in orders for transportation equipment.
The report said durable goods orders spiked by 3.2% in March after tumbling by a revised 1.2% in February.
Economists had expected durable goods orders to climb by 0.8% compared to the 1% slump that had been reported for the previous month.
Excluding the jump in orders for transportation equipment, durable goods orders rose by 0.3% in March after falling by 0.3% in February. Ex-transportation orders were expected to dip by 0.2%.
Traders await a slew of upcoming central bank meetings, most notably the U.S. Federal Reserve, the Bank of England and the European Central Bank, due over the next two weeks. The Bank of Japan (BOJ) is likely to keep its monetary policy steady on Friday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210996/
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