Gold prices edged higher in European morning hours on Wednesday, as the stronger U.S. dollar continued to weigh on the precious metal, but disappointing Chinese manufacturing data increased safe-haven demand. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.14% at $1,126.30. The December contract ended Tuesday’s session 0.71% lower at $1,124.80 an ounce. Futures were likely to find support at $1,117.10, the low from September 17 and resistance at $1,135.00, Tuesday’s high. The dollar remained supported after comments by some Federal Reserve officials Monday night indicated that a U.S. rate hike is still on the cards this year. St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart indicated in separate remarks that the U.S. central bank is still likely to raise short-term interest rates this year. Investors were looking ahead to a speech by Fed Chair Janet Yellen later in the week for additional clarity on the bank’s decision last week to leave interest rates on hold. Gold had been pressured lower in recent months by uncertainty over when the Fed would hike interest rates from record-lows. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
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