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Gold little changed near $1,300 with Ukraine, U.S. economy in focus

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Investing.com -

Investing.com - Gold futures were little changed near the key $1,300-level on Tuesday, as investors continued to monitor the situation in Ukraine while awaiting U.S. data for further clues about the timing of future interest rate hikes.

On the Comex division of the New York Mercantile Exchange, gold for December delivery tacked on 0.08%, or $1.00, to trade at $1,300.30 a troy ounce during European morning hours.

Prices held in a narrow range between $1,298.20 and $1,301.50 an ounce.

A day earlier, gold futures shed 0.53%, or $6.90, to settle at $1,299.30 as U.S. stocks surged on the back of upbeat U.S. homebuilder confidence data and amid easing concerns over the conflict in eastern Ukraine.

Futures were likely to find support at $1,293.00, the low from August 15 and resistance at $1,316.50, the high from August 15.

Ukrainian Foreign Minister Pavlo Klimkin met Russian counterpart Sergei Lavrov for more than five hours of talks in Berlin on Monday, in hopes of reaching a ceasefire or a political solution to the four-month old conflict in eastern Ukraine.

Meanwhile, Russia said a dispute over its humanitarian aid convoy to Ukraine had been resolved.

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

U.S. and European officials had previously warned that Moscow could use a humanitarian convoy as a pretext for an invasion.

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

Apart from geopolitics, investors were looking ahead to U.S. inflation data later in the day for further indications on the possible future path of monetary policy.

Later in the week, market players will be keeping a close eye on Wednesday's release of minutes from the Federal Reserve's July policy meeting as well as comments from the Fed's three-day conference in Jackson Hole, Wyoming, which starts on Thursday.

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.

Also on the Comex, silver for September delivery dipped 0.06%, or 1.2 cents, to trade at $19.62 a troy ounce.

Elsewhere in metals trading, copper for September delivery inched up 0.25%, or 0.8 cents, to trade at $3.117 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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