Gold and silver prices tumbled to multi-week lows on Thursday, as market players awaited key U.S. data later in the session for further indications on the future course of monetary policy.
On the Comex division of the New York Mercantile Exchange, gold for June delivery fell to a session low of $1,269.80 a troy ounce, the weakest level since February 10.
Gold last traded at $1,273.10 an ounce during U.S. morning hours, down 0.9%, or $11.50. Futures advanced 0.27%, or $3.50 an ounce, on Wednesday to settle at $1,284.60.
Gold futures were likely to find support at $1,265.00 a troy ounce, the low from February 10 and resistance at $1,302.05, the high from April 21.
Meanwhile, silver for May delivery hit $18.93 a troy ounce, the lowest since December 31, before trimming losses to last trade at $19.04 an ounce, down 2.02%, or 39.3 cents.
Silver futures were likely to find support at $18.49 an ounce, the low from December 31 and resistance at $19.54, the high from April 23.
The U.S. is to publish the weekly report on initial jobless claims as well as a report on durable goods orders for March later in the session.
Comex gold and silver prices have been under heavy selling pressure in recent weeks as upbeat U.S. economic data underlined expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
Elsewhere in metals trading, copper for May delivery rallied 1.01%, or 3.1 cents, to trade at a seven-week high of $3.090 a pound, amid speculation demand in top consumer China will strengthen in the near-term
April and May are seasonally strong months for copper consumption in China amid brisk construction activity. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.