Investing.com

Investing.com - Gold prices edged down modestly on Monday, but losses were limited as investors continued to monitor violence in Iraq.



On the Comex division of the New York Mercantile Exchange, gold for August delivery dipped 0.09%, or $1.20, to trade at $1,315.40 a troy ounce during European morning hours. Futures held in a range between $1,310.80 and $1,318 an ounce.



Prices were likely to find support at $1,276.20, the low from June 19 and resistance at $1,322.50, the high from June 20.



Also on the Comex, silver for September shed 0.59%, or 12.4 cents, to trade at $20.87 a troy ounce.



Concerns about ongoing violence in Iraq lingered, as militants from the Islamic State of Iraq and the Levant seized control of more towns near the borders with Jordan and Syria over the weekend.



U.S. President Barack Obama warned Sunday that the crisis may spill over into other countries.



Gold is often considered a haven during times of geopolitical turmoil.



Elsewhere in metals trading, copper for September delivery tacked on 0.71%, or 2.2 cents, to trade at a three-week high of $3.135 a pound as investors cheered better than expected manufacturing data out of China.



China’s HSBC Flash Purchasing Managers Index rose to a seven-month high of 50.8 in June from a final reading of 49.4 in May. Analysts had expected the index to rise to 49.7 this month.



Copper traders consider shifts in the HSBC PMI an indicator of China''s copper demand, as the industrial metal is widely used by the sector.



The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.





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