Investing.com - Gold prices declined on Tuesday, as market players looked ahead to the release of key U.S. data 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 August delivery fell to a session low of $1,285.40 a troy ounce, the weakest level since May 21, before trimming losses to last trade at $1,286.40 during European morning hours, down 0.43%, or $5.50.
Gold prices were likely to find support at $1,277.00 an ounce, the low from May 12 and resistance at $1,304.10, the high from May 22.
Also on the Comex, silver for July delivery shed 0.66%, or 12.8 cents, to trade at $19.28 a troy ounce
The U.S. is to produce data on durable goods orders, house price inflation and consumer confidence later Tuesday.
Recent data has shown that the U.S. economy is shaking off the effects of a weather-related slowdown over the winter.
Meanwhile, worries over Ukraine eased slightly after its presidential election on Sunday, where exit polls showed a decisive victory for Pro-European candidate Petro Poroshenko.
Poroshenko promised to restore order in the country, following months of fighting between pro-Russian forces and the government.
Russian President Vladimir Putin pledged to respect the result of Sunday''s elections. The U.S and its allies warned that they would tighten sanctions against Moscow if voting was disrupted.
Elsewhere in metals trading, copper for July delivery tacked on 0.21%, or 0.6 cents, to trade at $3.174 a pound.
Copper prices have been well-supported in recent sessions amid growing optimism over the health of the U.S. economy and speculation demand from top consumer China will increase in the near-term.
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