Gold Sees Reductions in Profit

Gold futures have been trading lower in Asia on Fridays session.

It was found that on the Comex division part of the New York Mercantile Exchange, there was an increase in gold futures for April delivery by 0.01%. this left it at a price of USD1,614 per troy ounce. In Asian trades on Friday it went up by 0.41%.

There were some good economic data points which lifted the price of gold on Thursday and it was at a low on Wednesday at USD1,601 per troy ounce.

The jobless benefits claims made in the US went up by 2000 last week and this was lower than expected. 

Economists had expected the Federal Reserve Bank of Philadelphia to have an increase to -3 in their outlook survey for Marche nut it was actually 2, a far better prospect than the -12.5 in February.

Existing home sale increases were reported but the National Association of Realtors. There was an increase in 0.8& in February which is the best reading since November 2009. It is expected that things will be revised up as well, in the same way that the January figures were.

Gold rose as well probably because traders are unsure as to the effects of the outcome in Cyprus. The parliament refused to put taxes on bank deposits, as proposed by the EU. They needed to do this to raise 8 billion Euros which will then allow them to get financial assistance from EU countries and the International Monetary Fund.

Banks remain closed on the island while decisions are made over the weekend.

Copper for May delivery dropped 0.04% and Comex silver for May delivery also fell but by more at 0.25%.