Gold prices extended losses from the previous session to remain below the key $1,300-level on Tuesday, as investors remained cautious ahead of the Federal Reserve's policy meeting due to begin later in the day.
Gold holds below $1,300 ahead of Fed meeting, Ukraine in focusGold extends losses as focus turns to Fed meeting
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a range between $1,292.60 a troy ounce and $1,297.00 an ounce.
Gold last traded at $1,293.60 an ounce during European morning hours, down 0.42%, or $5.40. 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.
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.
Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.
Also on the Comex, silver for July delivery declined 0.67%, or 13.2 cents, to trade at $19.48 a troy ounce. Silver ended Monday’s session down 0.5%, or 9.9 cents, to settle at $19.61 an ounce.
Elsewhere in metals trading, copper for July delivery shed 0.49%, or 1.5 cents, to trade at $3.078 a pound.
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Gold holds below $1,300 ahead of Fed meeting, Ukraine in focusGold extends losses as focus turns to Fed meeting
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a range between $1,292.60 a troy ounce and $1,297.00 an ounce.
Gold last traded at $1,293.60 an ounce during European morning hours, down 0.42%, or $5.40. 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.
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.
Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.
Also on the Comex, silver for July delivery declined 0.67%, or 13.2 cents, to trade at $19.48 a troy ounce. Silver ended Monday’s session down 0.5%, or 9.9 cents, to settle at $19.61 an ounce.
Elsewhere in metals trading, copper for July delivery shed 0.49%, or 1.5 cents, to trade at $3.078 a pound.
www.punjiniveshonline.com
www.punjiniveshonline.com
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