Investing.com - Gold prices turned modestly higher on Tuesday, after data showed that U.S. consumer confidence fell unexpectedly in February.
Gold prices erase losses after disappointing U.S. consumer confidence data
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded in a range between $1,331.60 a troy ounce and $1,339.90 an ounce.
Gold prices last traded at $1,339.40 an ounce during U.S. morning hours, 0.1% higher.
Futures rallied to $1,339.20 an ounce on Monday, the most since October 31, before trimming gains to settle at $1,338.00 an ounce, up 1.09%, or $14.40.
Prices were likely to find support at $1,307.10 a troy ounce, the low from February 20 and near-term resistance at $1,341.90, the high from October 31.
Meanwhile, silver for May delivery held in a range between $21.71 a troy ounce and $22.05 an ounce. Prices last traded at $21.97 an ounce, down 0.55%.
The March contract rallied to $22.21 an ounce on Monday, the highest since October 31, before paring gains to end at $22.08 an ounce, up 1.26%.
Silver futures were likely to find support at $21.55 a troy ounce, the low from February 24 and resistance at $22.21, the high from February 24.
The Conference Board, a market research group said its index of consumer confidence declined to 78.1 this month from a downwardly revised reading of 79.4 in January. Analysts had expected the index to inch up to 80.0 in February.
The decline was driven by the Expectations Index, which dropped to 75.7 from 80.8.
The disappointing data added to expectations that U.S. monetary policy will remain accommodative.
Gold and silver prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.
Gold has gained nearly 8.5% since the beginning of the year, while silver has picked up approximately 8%.
Elsewhere on the Comex, copper futures for May delivery dropped 0.9% to trade at $3.211 a pound.
Gold prices erase losses after disappointing U.S. consumer confidence dataGold prices last traded at $1,339.40 an ounce during U.S. morning hours, 0.1% higher.
Futures rallied to $1,339.20 an ounce on Monday, the most since October 31, before trimming gains to settle at $1,338.00 an ounce, up 1.09%, or $14.40.
Prices were likely to find support at $1,307.10 a troy ounce, the low from February 20 and near-term resistance at $1,341.90, the high from October 31.
Meanwhile, silver for May delivery held in a range between $21.71 a troy ounce and $22.05 an ounce. Prices last traded at $21.97 an ounce, down 0.55%.
The March contract rallied to $22.21 an ounce on Monday, the highest since October 31, before paring gains to end at $22.08 an ounce, up 1.26%.
Silver futures were likely to find support at $21.55 a troy ounce, the low from February 24 and resistance at $22.21, the high from February 24.
The Conference Board, a market research group said its index of consumer confidence declined to 78.1 this month from a downwardly revised reading of 79.4 in January. Analysts had expected the index to inch up to 80.0 in February.
The decline was driven by the Expectations Index, which dropped to 75.7 from 80.8.
The disappointing data added to expectations that U.S. monetary policy will remain accommodative.
Gold and silver prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.
Gold has gained nearly 8.5% since the beginning of the year, while silver has picked up approximately 8%.
Elsewhere on the Comex, copper futures for May delivery dropped 0.9% to trade at $3.211 a pound.
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