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Gold, silver extend losses as focus turns to Fed

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Investing.com -

Investing.com - Gold and silver prices extended losses from the previous session on Tuesday, as investors shifted their focus on the Federal Reserve's upcoming policy meeting, due to begin later in the day.

On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a range between $1,289.30 a troy ounce and $1,297.00 an ounce.

Gold last traded at $1,290.30 an ounce during European morning hours, down 0.67%, or $8.80. Futures declined 0.14%, or $1.80 an ounce, on Monday to settle at $1,299.00.

Gold prices were likely to find support at $1,268.40 a troy ounce, the low from April 24 and resistance at $1,306.60, the high from April 28.

Meanwhile, silver for July delivery dropped 1%, or 19.6 cents, to trade at $19.42 a troy ounce. Silver ended Monday's session down 0.5%, or 9.9 cents, to settle at $19.61 an ounce.

Silver was likely to find support at $18.95 an ounce, the low from April 24 and resistance at $19.78, the high from April 28.

Traders looked ahead to the Fed's monetary policy statement due on Wednesday. The central bank is likely to stick to its timetable to trim its monthly bond purchases by another $10 billion.

Markets were also turning their attention to Friday's U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing.

Meanwhile, investors continued to monitor events in Ukraine, as hostilities between Kiev and Russia remain high. The U.S. and European Union imposed fresh sanctions against Russia on Monday.

17 companies and 7 individuals in all were U.S. targets in this round of sanctions, which come amid mounting tension over eastern Ukraine.

Elsewhere in metals trading, copper for July delivery shed 0.15%, or 0.5 cents, to trade at $3.088 a pound.

Market players looked ahead to China's official manufacturing purchasing managers' index, due May 1, which is expected to rise to 50.5 for April from 50.3 for March.

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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