Investing.com - Gold prices extended losses from the previous session on Wednesday, while silver futures inched up modestly, as investors looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held in a range between $1,333.20 a troy ounce and $1,338.20 an ounce.
Prices last traded at $1,334.40 an ounce during European morning hours, down 0.26%, or $3.50. Gold futures lost 0.92%, or $12.40 an ounce, to settle at $1,337.90 on Tuesday.
Prices were likely to find support at $1,319.30 a troy ounce, the low from February 28 and resistance at $1,355.00, the high from March 3.
Meanwhile, silver for May delivery added 0.12%, or $0.02 cents, to trade at $21.24 a troy ounce. The May contract ended Tuesday’s session down 1.22%, or $0.26 cents, to settle at $21.22 an ounce.
Silver futures were likely to find support at $21.05 a troy ounce, the low from March 4 and resistance at $21.74, the high from March 3.
The U.S. is to release the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days, while the ISM is to publish a report service sector activity.
A recent series of disappointing U.S. economic indicators have sparked concerns that the recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.
The precious metals complex weakened on Tuesday after Russian President Vladimir Putin said that there was "no need yet" for Russia to exercise its authority, adding that any force used would be a last resort.
The comments eased concerns over a military conflict in Ukraine, dampening demand for safe-haven assets.
Elsewhere on the Comex, copper futures for May delivery inched up 0.2% to trade at a one-week high of $3.221 a pound, as China’s National People’s Congress annual meeting kicked off earlier in the day.
China set its gross domestic product growth target for 2014 at 7.5%, as widely expected, and will keep consumer inflation at 3.5%, Chinese Premier Li Keqiang said on Wednesday.
The latest meeting of the legislature, the first to be overseen by President Xi Jinping and Premier Keqiang, comes amid lingering concerns over the health of the country’s economy.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.