Investing.com - Gold and silver prices retreated on Wednesday, as market players looked ahead to final data on U.S. first quarter growth later in the day, as well as a report on durable goods orders for May.
On the Comex division of the New York Mercantile Exchange, gold for August delivery dipped 0.6%, or $7.90, to trade at $1,313.40 a troy ounce during European morning hours. Futures held in a range between $1,311.40 and $1,320.30 an ounce.
Gold rose to $1,326.60 on Tuesday, the highest since April 15, before trimming gains to settle at $1,321.30, up 0.22%, or $2.90.
Prices were likely to find support at $1,276.20, the low from June 19 and resistance at $1,328.40, the high from April 15.
Also on the Comex, silver for September delivery shed 0.92%, or 19.4 cents, to trade at $20.90 a troy ounce. Prices surged to $21.22 on Tuesday, the most since March 18.
The U.S. government’s third revision to the gross domestic product reading is expected to show a contraction of 1.7%. A reading last month had the economy shrinking 1%.
The outlook for the U.S. recovery was boosted after data on Tuesday showed that consumer confidence rose to the highest level since January 2008 in June, while existing home sales surged more than expected in May.
The robust data underlined the view that the U.S. economy was regaining traction after being slowed by unusually cold temperatures during the winter months.
Gold and silver prices have been well-supported in recent sessions after Federal Reserve Chair Janet Yellen signaled last week that the central bank was in no hurry to raise interest rates.
Precious metals tend to benefit from low interest rates and looser monetary policy, which cuts the opportunity cost of holding non-yielding bullion.
Meanwhile, concerns about ongoing violence in Iraq lingered after local media reported that Syrian warplanes struck targets in western Iraq, killing at least 50 people.
Fears began to grow the conflict will increase in duration and complexity, especially if Washington gets more involved.
Gold is often considered a haven during times of geopolitical turmoil.
Elsewhere in metals trading, copper for September delivery inched up 0.09%, or 0.3 cents, to trade at $3.148 a pound.