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Gold edges lower as Ukraine remains in spotlight

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Investing.com -

Investing.com - Gold prices edged lower on Tuesday, as investors continued to monitor events in Ukraine.

On the Comex division of the New York Mercantile Exchange, gold for June delivery dipped 0.35%, or $4.50, to trade at $1,291.30 a troy ounce, during European morning hours. Prices held in a range between $1,290.30 an ounce and $1,298.80.

Gold hit $1,304.50 an ounce on Monday, the most since May 7, before settling at $1,295.80, up 0.64%, or $8.20.

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 7.

Also on the Comex, silver for July delivery shed 0.49%, or 9.6 cents, to trade at $19.44 a troy ounce.

Investors remained cautious after pro-Russian separatists in the eastern Ukrainian regions of Donetsk and Luhansk said they may hold a second referendum on joining Russia, similar to the one in Crimea.

Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.

Meanwhile, market players looked ahead to the release of key U.S. data on retail sales due later in the session for further indications on the strength of the economy and the need for stimulus.

Elsewhere in metals trading, copper for July delivery eased down 0.03%, or 0.1 cents, to trade at $3.149 a pound.

Data released earlier showed that industrial production in China rose at an annualized rate of 8.7% in April, below expectations for a 8.9% increase.

A separate report showed that Chinese retail sales rose by a smaller-than-forecast 11.9% last month.

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

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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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