Gold and silver futures were higher on Tuesday, as investors looked ahead to key U.S. economic data later in the session while awaiting updates from a meeting between Russian President Vladimir Putin and Ukrainian counterpart Petro Poroshenko. Gold, silver futures rise with U.S. data, Ukraine talks in focusGold, silver futures edge higher ahead of U.S. data, Russia-Ukraine talks in focus On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.75%, or $9.60, to trade at $1,288.50 a troy ounce during European morning hours. A day earlier, gold prices shed 0.1%, or $1.30, to settle at $1,278.90. Gold hit a nine-week low of $1,273.40 on August 21 as market players priced in a greater risk of a sooner-than-expected hike in U.S. interest rates. Futures were likely to find support at $1,273.40, the low from August 21 and resistance at $1,299.30, the high from August 20. Also on the Comex, silver for December delivery advanced 0.78%, or 15.2 cents, to trade at $19.58 a troy ounce. Market players looked ahead to the release of key U.S. data later Tuesday for further indications on the strength of the economy and the possible future path of monetary policy. The U.S. was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence. Data released Monday showed that new home sales dropped by 2.4% to hit a four-month low of 412,000 units last month, compared to expectations for an increase of 5.7% to 430,000. Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the U.S. economy is recovering and added the labor market is improving as well. Meanwhile, Russian President Vladimir Putin will meet his Ukrainian counterpart Petro Poroshenko for the first time since June in Minsk later Tuesday, in hopes of reaching a ceasefire or a political solution to the four-month old conflict in eastern Ukraine. On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid. Kiev and Western capitals suspect the convoy could turn into a covert military action to help pro-Russia separatists in the eastern part of the country. Elsewhere in metals trading, copper for December delivery shed 0.72%, or 2.3 cents, to trade at $3.214 a pound
Posted on: Tue, 26 Aug 2014 16:51:14 +0000
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