Investing.com - Gold and silver prices edged lower on Tuesday, as market players looked ahead to the minutes from the Federal Reserve''s latest monetary policy meeting, due for release on Wednesday, for insight on the central bank''s view of the economy.
Later Tuesday, Federal Reserve Bank of Philadelphia Charles Plosser and Federal Reserve Bank of New York President William Dudley are to speak.
On the Comex division of the New York Mercantile Exchange, gold for June delivery dipped 0.18%, or $2.30, to trade at $1,291.50 a troy ounce during U.S. morning hours.
Prices held in a range between $1,288.90 and $1,294.90 an ounce. Gold eased up 0.03%, or 40 cents, on Monday to settle at $1,293.80 an ounce.
Gold prices were likely to find support at $1,277.70 an ounce, the low from May 12 and resistance at $1,305.70, the high from May 19.
The World Gold Council''s latest Gold Demand Trends report released earlier Tuesday revealed that China’s gold demand fell 18% in the first quarter, as investors in the world’s biggest consumer bought fewer bars and coins.
Global demand for bars and coins declined 39% to 283 tonnes in the first three months of the year, the lowest level in four years
Meanwhile, heightened tensions between Russia and Ukraine remained in focus. The conflict between pro-Russian separatists and Ukrainian forces in the eastern reaches of the country continued on Monday, resulting in the death of one Ukrainian soldier.
Ukraine will hold presidential elections on May 25, and concerns persist that Russia will meddle in the voting and escalate the crisis. U.S. and European officials have already warned that Russia would face additional sanctions if Moscow disrupts the upcoming elections.
Also on the Comex, silver for July delivery inched down 0.09%, or 1.8 cents, to trade at $19.33 a troy ounce. Prices inched up 0.12%, or 2.4 cents, on Monday to settle at $19.35.
Silver futures were likely to find support at $19.25 a troy ounce, the low from May 16 and resistance at $19.68, the high from May 19.
Elsewhere in metals trading, copper for July delivery shed 0.33%, or 1.0 cent, to trade at $3.157 a pound.