Gold extends gains as Ukraine standoff drags on

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Investing.com - Gold prices edged higher on Tuesday as the ongoing Russian standoff in Ukraine bolstered the yellow metal's appeal as a hedge.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,348.00 a troy ounce during U.S. trading, up 0.48%, up from a session low of $1,338.00 and off a high of $1,352.80.

The April contract settled up 0.25% at $1,341.50 on Monday.

Futures were likely to find support at $1,328.20 a troy ounce, Monday's low, and resistance at $1,355.00, the high from March 3.

Ongoing geopolitical tensions in Ukraine bolstered gold's appeal as a hedge on Tuesday.

Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions, which boosted gold prices .

Meanwhile, silver for May delivery was down 0.26% at US$20.855 a troy ounce, while copper futures for May delivery were down 2.60% at US$2.983 a pound.

Weak Chinese trade data bruised copper prices .

Data released over the weekend showed that Chinese exports fell 18.1% on-year in February, defying expectations for a 6.8% increase, following a rise of 10.6% in January.

A separate report showed that the annual rate of inflation in China slowed to 2.0% in February, from 2.5% in January.

The numbers confirmed market concerns that emerging markets are cooling, especially China, which consumes about 40% of the world's copper supply.

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This article appears in: Investing , Forex and Currencies

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