Investing.com - Gold prices re-approached a four-month high on Tuesday, as market players continued to monitor the ongoing standoff between Russia and the West over Ukraine.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held in a range between $1,338.10 a troy ounce and $1,352.80 an ounce.
Gold last traded at $1,349.40 an ounce during U.S. morning hours, up 0.59%, or $7.90. Gold futures advanced 0.25%, or $3.30 an ounce, on Monday to settle at $1,341.50.
Prices were likely to find support at $1,319.30 a troy ounce, the low from February 28 and near-term resistance at $1,355.00, the high from March 3.
Meanwhile, silver for May delivery rallied 1.15%, or $0.23 cents, to trade at $21.14 a troy ounce. Silver ended Monday’s session down 0.09%, or $0.01 cents, to settle at $20.91 an ounce.
Silver futures were likely to find support at $20.61 a troy ounce, the low from March 10 and resistance at $21.61, the high from March 7.
Investors continued to monitor events in Ukraine, where tension over moves by neighboring Russia in the Crimean region have heightened demand for safe haven assets.
Russia said the U.S. had turned down an invitation to hold new talks on resolving the Ukraine crisis, the latest instance of attempts of finding a diplomatic solution stalling.
Elsewhere on the Comex, copper futures for May delivery inched up 0.1% to trade at $3.033 a pound.
Copper plunged to an eight-month low of $2.995 a pound on Monday, as growing concerns over the health of China’s economy dampened demand for growth-linked assets.
Data released over the weekend showed that Chinese exports collapsed 18.1% in February from a year earlier.
The significant decline in China’s exports led to a deficit of $22.98 billion last month, compared to a surplus of $31.86 billion in January. Analysts had expected a surplus of $14.5 billion in February.
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