Investing.com - Gold prices rose to a fresh two-week high on Wednesday, as traders looked ahead to key U.S. economic data later in the week.
On the Comex division of the New York Mercantile Exchange, gold for August delivery hit a session high of $1,265.30 a troy ounce, the most since May 28, before trimming gains to last trade at $1,264.40 during U.S. morning hours, up 0.34%, or $4.30.
Gold ended Tuesday’s session up 0.49%, or $6.20, to settle at $1,260.10. Prices were likely to find support at $1,241.20 an ounce, the low from June 5 and near-term resistance at $1,267.50, the high from May 28.
Gold traders are looking ahead to Thursday’s U.S. retail sales report for further indications on the strength of the economic recovery. The U.S. is also to release the weekly report on initial jobless claims Thursday.
The precious metal has been under heavy selling pressure recently as investors bet on strong economic growth in the U.S. during the second quarter, as the economy shakes off the effects of a weather-related slowdown over the winter.
Also on the Comex, silver for July delivery inched up 0.51%, or 9.7 cents, to trade at $19.26 a troy ounce, the highest since May 27.
Elsewhere in metals trading, copper for July delivery shed 0.61%, or 1.9 cents, to trade at $3.034 a pound, as sentiment was dampened after the World Bank cut its global growth forecast for this year.
The World Bank lowered its global growth forecast to 2.8% from an earlier estimate of 3.2%, citing weaker than expected growth in the U.S., Russia and China.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.
Prices of the red metal have been under heavy selling pressure in recent sessions as traders worried about the outcome of a Chinese investigation into commodities-fueled financing deals that could hurt demand for the industrial metal.
Concerns about fraud in commodities markets spread to a second Chinese port of Penglai earlier this week after authorities began conducting a probe into allegations of fraud in the port of Qingdao last week.
Copper is used as collateral by companies and investors in China, in an effort to work around strict lending standards enforced by Beijing.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.