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Gold edges lower on Ukraine ceasefire hopes

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Investing.com -

Investing.com - Gold futures edged lower on Monday, as investors continued to monitor the situation in Ukraine, amid hopes for a ceasefire.

On the Comex division of the New York Mercantile Exchange, gold for December delivery shed 0.31%, or $4.00, to trade at $1,302.20 a troy ounce during U.S. morning hours.

Prices held in a narrow range between $1,298.50 and $1,304.80 an ounce.

Gold dropped to $1,293.00 on Friday, the lowest since August 6, before trimming losses to settle at $1,306.20, down 0.72%, or $9.50.

Futures were likely to find support at $1,288.50, the low from August 6 and resistance at $1,321.80, the high from August 14.

Concerns over the conflict between Russia and Ukraine escalated on Friday after Ukraine's military attacked and destroyed a number of armored vehicles that entered the country from Russia.

Tensions eased amid hopes that a meeting due to take place between Russian and Ukraine's foreign ministers later in the day would result in a ceasefire.

Gold is often seen as a haven investment in times of geopolitical uncertainty.

Apart from geopolitics, investors will be focused an annual meeting of top central bank officials and economists in Jackson Hole, Wyoming from August 21 to 23.

The spotlight will be on Fed Chair Janet Yellen, who will speak on Friday in her first appearance at Jackson Hole as head of the U.S. central bank.

Gold traders will also pay close attention to the minutes of the Fed's July policy meeting due to be published on Wednesday for further clues about the timing of future interest rate hikes.

Also on the Comex, silver for September delivery rose 0.24%, or 4.7 cents, to trade at $19.57 a troy ounce.

Elsewhere in metals trading, copper for September delivery tacked on 0.07%, or 0.2 cents, to trade at $3.105 a pound.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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