Investing.com - Gold prices bounced off the lowest levels of the session on Tuesday, following the release of disappointing U.S. consumer confidence data.
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a range between $1,286.60 a troy ounce and $1,301.40 an ounce.
Gold last traded at $1,297.80 an ounce during U.S. morning hours, down 0.09%, or $1.20. Futures declined 0.14%, or $1.80 an ounce, on Monday to settle at $1,299.00.
Gold prices were likely to find support at $1,268.40 a troy ounce, the low from April 24 and resistance at $1,306.60, the high from April 28.
Meanwhile, silver for July delivery dropped 0.54%, or 10.6 cents, to trade at $19.50 a troy ounce. Silver ended Monday’s session down 0.5%, or 9.9 cents, to settle at $19.61 an ounce.
The Conference Board, a market research group, said its index of consumer confidence declined to 82.3 this month from a reading of 83.9 in March. Analysts had expected the index to inch down to 83.0 in April.
Investors now shifted their focus to the Federal Reserve''s two-day policy meeting due to begin later in the day. The central bank is likely to stick to its timetable to trim its monthly bond purchases by another $10 billion.
Markets were also turning their attention to Friday’s U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing.
Meanwhile, investors continued to monitor events in Ukraine, as hostilities between Kiev and Russia remain high. The U.S. and European Union imposed fresh sanctions against Russia on Monday.
17 companies and 7 individuals in all were U.S. targets in this round of sanctions, which come amid mounting tension over eastern Ukraine.
Elsewhere in metals trading, copper for July delivery shed 0.4%, or 1.3 cents, to trade at $3.081 a pound.
Market players looked ahead to China’s official manufacturing purchasing managers’ index, due May 1, which is expected to rise to 50.5 for April from 50.3 for March.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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