Investing.com - Gold prices were little changed in rangebound trade on Tuesday, as investors looked ahead to key U.S. economic data later in the week for further indications on the future course of U.S. monetary policy.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held in a tight range between USD1,255.90 a troy ounce and USD1,260.80 an ounce.
The April contract last traded at USD1,258.10 an ounce during European morning hours, down 0.15%.
Gold futures ended Monday’s session up 1.62% to settle at USD1,259.90 an ounce. Prices were likely to find support at USD1,238.20 a troy ounce, the low from January 31 and resistance at USD1,270.70, the high from January 29.
Meanwhile, silver for March delivery traded at USD19.39 a troy ounce, down 0.05%.
Gold prices rallied on Monday after a manufacturing report heightened concern about the economy before Friday's monthly jobs report.
The Institute for Supply Management’s manufacturing index fell to a seven-month low in January, as new orders slumped.
The disappointing data sparked concerns over the outlook for the U.S. recovery, ahead of Friday’s U.S. jobs report for January, after December’s report showed that the economy added far fewer jobs than expected.
Market players have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Federal Reserve to scale back stimulus.
The central bank tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month last week, citing improvements in the labor market.
Elsewhere on the Comex, copper futures for March delivery inched up 0.1% to trade at USD3.187 a pound.