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Gold, silver higher ahead of U.S. PPI data, Ukraine in focus

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Investing.com -

Investing.com - Gold and silver prices were higher on Wednesday, as market players looked ahead to the release of U.S. data on producer price inflation later in the session for further indications on the strength of the economy and the need for stimulus.

On the Comex division of the New York Mercantile Exchange, gold for June delivery advanced 0.46%, or $6.00, to trade at $1,300.80 a troy ounce, during U.S. morning hours.

Prices held in a range between $1,291.70 and $1,302.40 an ounce. Gold eased down 0.08%, or $1.00, on Tuesday to settle at $1,294.80 an ounce.

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 rallied 1.06%, or 20.8 cents, to trade at $19.75 a troy ounce, the most since April 24. Futures ended Tuesday's session up 0.02%, or 0.4 cents, to settle at $19.54 an ounce.

Silver futures were likely to find support at $19.36 an ounce, the low from May 13 and resistance at $19.89, the high from April 24.

Meanwhile, investors remained cautious after seven Ukrainian soldiers were killed and seven wounded in an ambush by pro-Russian separatists in eastern Ukraine on Tuesday, stoking fears that the crisis will further escalate and drag the U.S. deeper into the standoff.

Elsewhere in metals trading, copper for July delivery rose 0.86%, or 2.7 cents, to trade at a ten-week high of $3.163 a pound amid speculation demand from top consumer China will increase in the near-term.

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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