Investing.com - Gold and silver prices edged higher on Wednesday, as investors looked ahead to U.S. data on durable goods orders later in the session for further indications on the strength of the economy and the future course of monetary policy.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery held in a tight range between $1,309.90 a troy ounce and $1,316.70 an ounce.
Gold last traded at $1,314.90 an ounce during European morning hours, up 0.27%, or $3.50.
Futures fell to $1,305.90 an ounce on Tuesday, the lowest since February 14, before trimming losses to settle at $1,311.40, up 0.02%, or 30 cents.
Prices were likely to find support at $1,300.00 a troy ounce, the low from February 14 and resistance at $1,335.70, the high from March 24.
Meanwhile, silver for May delivery picked up 0.41%, or 8.1 cents, to trade at $20.06 a troy ounce.
Silver slumped to a seven-week low of $19.90 an ounce on Tuesday, before settling at $19.97, down 0.44%, or 8.8 cents.
Silver futures were likely to find support at $19.90 a troy ounce, the low from March 25 and resistance at $20.31, the high from March 24.
Data on Tuesday showed that U.S. consumer confidence improved more than expected in March. However, a separate report said that new home sales fell by the most in five months in February, indicating continued weakness in the housing sector.
Gold and silver have been under heavy selling pressure in recent sessions amid growing expectations that the Federal Reserve will raise interest rates sooner than expected.
Market watchers brought forward expectations for a rate increase by U.S. central bank after Fed Chair Janet Yellen suggested last week that a rate hike might come about six months after the bank’s stimulus program ends, which is expected to happen in the fall.
Elsewhere on the Comex, copper futures for May delivery fell 0.58%, or 1.7 cents, to trade at $2.988 a pound.
Copper rallied to $3.045 a pound on Tuesday, the most since March 11, before settling at $3.005 a pound, up 2.04%, or 6.0 cents, amid growing hopes that China will unveil fresh stimulus measures to boost slowing economic growth.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.