Investing.com - Gold prices inched higher on Monday, as investors continued to monitor events in Ukraine, after results of Sunday''s referendum showed 89% of voters in the eastern Ukrainian city of Donetsk voted in favor of self-rule.
On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.18%, or $2.30, to trade at $1,289.90 a troy ounce, during European morning hours. Prices held in a range between $1,278.30 an ounce and $1,292.60.
Gold prices were likely to find support at $1,272.00 an ounce, the low from May 2 and resistance at $1,315.00, the high from May 7.
Over the weekend, pro-Russian separatists in eastern Ukraine claimed victory in a referendum on self-rule, fuelling fears that the country is sliding closer to civil war. The vote has been condemned by Ukraine’s government and the West.
Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.
Also on the Comex, silver for July delivery rallied 0.99%, or 18.9 cents, to trade at $19.31 a troy ounce.
Elsewhere in metals trading, copper for July delivery rose 1.29%, or 4.0 cents, to trade at $3.123 a pound amid indications China’s government will introduce measures to deepen reforms of the nation’s capital markets.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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