Key Takeaways:
- COMEX gold settled at $4,064.80, down 0.89% on the session
- Intraday amplitude hit 1.02% with a range of $41.80
- Volume reached 21,756 contracts as prices closed near the day's low
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Gold futures slip to $4,064.80 as intraday volatility reaches 1.02%
Gold futures on COMEX fell 0.89% to settle at $4,064.80 an ounce on June 29, exchange data show. The session saw prices swing between $4,102.90 and $4,061.10, an intraday range of $41.80.
"The intraday range of $41.80 reflects positioning adjustments ahead of month-end and quarter-end rebalancing by commodity trading advisers," said Omar Tariq, commodities analyst at Edgen. "Gold has been range-bound in recent sessions as the market weighs inflation data against the Federal Reserve's rate path. The close near the session low suggests short-term momentum favors sellers."
Volume totaled 21,756 contracts, as the precious metal posted an intraday amplitude of 1.02%. The session opened at $4,101.10 and briefly touched $4,102.90 before sellers pushed prices toward the day's low of $4,061.10. The close near the session low indicates selling pressure dominated the latter half of the trading day, with prices falling $36.30 from the open. The high-to-low range of $41.80 represents the widest intraday spread in the past two weeks, according to exchange data.
Gold at $4,064.80 remains elevated by historical standards. Among precious metals, gold's move lower was mirrored by silver, which also declined during the session, while platinum group metals showed mixed performance. The broader commodities complex saw varied action, with base metals on the LME trading in narrow ranges as traders positioned for the end of the quarter. Gold's year-to-date performance continues to outpace other major commodities, supported by sustained central bank buying and ongoing geopolitical tensions that have kept safe-haven demand elevated.
The next event for direction comes with the release of US economic data later this week, which will inform expectations for the Fed's next policy decision. A break below $4,050 would mark the lowest level this month, while resistance sits at the $4,150 area. Traders will also watch for shifts in COMEX positioning data due later this week for confirmation of whether the selling reflects a broader shift in sentiment or tactical positioning ahead of the new quarter. The $4,000 level remains a key psychological floor, with options open interest concentrated at that strike.
This article is for informational purposes only and does not constitute investment advice.
