Gold, silver rebound ahead of U.S. retail sales data, Yellen testimony

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Investing.com - Gold and silver futures regained strength on Tuesday, as investors looked ahead to highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day as well as key U.S. data.

On the Comex division of the New York Mercantile Exchange, gold for August delivery tacked on 0.46%, or $6.00, to trade at $1,312.70 a troy ounce during U.S. morning hours. Prices held in a range between $1,306.70 and $1,314.50.

Gold tumbled to $1,302.20 an ounce on Monday, the lowest since June 19, before settling at $1,306.70, down 2.3%, or $30.70, as profit-taking and stronger global equities dented the precious metal's safe-haven appeal.


Gold futures were likely to find support at $1,302.20, the low from July 14 and resistance at $1,340.90, the high from July 14.

Also on the Comex, silver for September delivery inched up 0.64%, or 13.4 cents, to trade at $21.04 a troy ounce.

Market players were eyeing Fed Chair Yellen's testimony in a U.S. Senate committee at 10:00 a.m. Eastern for signs of when the central bank would begin increasing interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Elsewhere in metals trading, copper for September delivery dipped 0.09%, or 0.3 cents, to trade at $3.246 a pound.

Copper traders looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption.

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This article appears in: Investing , Forex and Currencies

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