Investing.com - Gold prices edged higher on Wednesday, as the
conflict between pro-Russian separatists and Ukrainian forces
continued to escalate, boosting demand for safe haven assets.
On the Comex division of the New York Mercantile Exchange, gold
for June delivery advanced 0.46%, or $5.90, to trade at $1,300.70 a
troy ounce, during European morning hours.
Prices held in a range between $1,291.70 and $1,301.70 an ounce.
Gold eased down 0.08%, or $1.00, on Tuesday to settle at $1,294.80
Gold prices were likely to find support at $1,277.70 an ounce,
the low from May 12 and resistance at $1,315.00, the high from May
Also on the Comex, silver for July delivery rallied 1.01%, or
19.8 cents, to trade at $19.74 a troy ounce.
Investors remained cautious after seven Ukrainian soldiers were
killed and seven wounded in an ambush by pro-Russian separatists in
eastern Ukraine on Tuesday, stoking fears that the crisis will
further escalate and drag the U.S. deeper into the standoff.
Gold, seen as a safe haven investment, usually benefits from
Meanwhile, market players looked ahead to the release of U.S.
data on producer price inflation due later in the session for
further indications on the strength of the economy and the need for
Data released Tuesday showed that U.S. retail sales inched up by
just 0.1% last month, missing expectations for a 0.4% increase.
Elsewhere in metals trading, copper for July delivery inched up
0.42%, or 1.3 cents, to trade at $3.149 a pound amid speculation
demand from top consumer China will increase in the near-term.
The Asian nation is the world's largest copper consumer,
accounting for almost 40% of world consumption last year.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App