Investing.com - Gold prices bounced off the lowest levels of the session on Wednesday, after official data showed that the U.S. economy expanded at the slowest pace in three years during the first three months of 2014.
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a range between $1,285.10 a troy ounce and $1,297.30 an ounce.
Gold last traded at $1,294.00 an ounce during U.S. morning hours, down 0.18%, or $2.30. Futures declined 0.21%, or $2.70 an ounce, on Tuesday to settle at $1,296.30.
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.
Gold prices briefly fell to the lowest levels of the session after payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 220,000 in April, above expectations for an increase of 210,000.
But prices recovered after the Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 0.1% in the first quarter, missing expectations for growth of 1.2%.
Market players now prepared for the outcome of the Federal Reserve’s policy meeting later in the day, amid expectations for another $10 billion reduction in the central bank’s now $65-billion-a-month stimulus program.
Meanwhile, silver for July delivery declined 0.97%, or 19.0 cents, to trade at $19.34 a troy ounce. Silver ended Tuesday’s session down 0.41%, or 8.1 cents, to settle at $19.53 an ounce.
Elsewhere in metals trading, copper for July delivery inched down 0.04%, or 0.1 cents, to trade at $3.072 a pound.
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