Investing.com - Gold futures held near the previous session’s four-week low on Tuesday, as investors awaited Federal Reserve Chair Janet Yellen''s semi-annual testimony on Capitol Hill later in the day.
On the Comex division of the New York Mercantile Exchange, gold for August delivery tacked on 0.2%, or $2.60, to trade at $1,309.30 a troy ounce during European morning hours. Prices held in a tight range between $1,306.70 and $1,310.90.
Gold tumbled to $1,302.20 an ounce on Monday, the lowest since June 19, before settling at $1,306.70, down 2.3%, or $30.70.
Gold futures were likely to find support at $1,302.20, the low from July 14 and resistance at $1,340.90, the high from July 14.
Also on the Comex, silver for September delivery inched up 0.19%, or 3.9 cents, to trade at $20.95 a troy ounce.
Market players remained cautious before Fed Chair Yellen testifies before Congress later in the session amid speculation over when the central bank will start raising interest rates.
In the minutes of the Fed''s June policy meeting released last week, the central bank predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.
Elsewhere in metals trading, copper for September delivery dipped 0.09%, or 0.3 cents, to trade at $3.246 a pound.
Copper traders looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.