Credit: Investing.com -
Investing.com - Gold prices fell from a 16-week high on Tuesday, as investors looked ahead to key U.S. economic data later in the day 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 April delivery traded in a range between $1,332.60 a troy ounce and $1,338.30 an ounce. Gold prices last traded at $1,334.60 an ounce during European morning hours, 0.25% lower.
Futures rose 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 resistance at $1,341.90, the high from October 31.
Meanwhile, silver for March delivery lost 1.2% to trade at $21.83 a troy ounce. 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%.
The U.S. is to release a closely-watched report on consumer confidence, as well as private sector data on house price inflation.
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.
The recent patch of soft U.S. economic data fuelled expectations that U.S. monetary policy will remain accommodative.
Minutes of the Federal Reserve's January meeting published last week indicated that the central bank will maintain the current pace of reductions to its stimulus program, as long as the economy continues to improve as expected.
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 0.65% to trade at $3.219 a pound.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
