Investing.com - Gold futures edged higher on Wednesday, amid escalating tension between Russia and Ukraine.
On the Comex division of the New York Mercantile Exchange, gold for December delivery tacked on 0.52%, or $6.70, to trade at $1,292.00 a troy ounce during European morning hours.
Prices held in a narrow range between $1,288.40 and $1,293.10. Gold ended Tuesday’s session down 0.28%, or $3.60, to settle at $1,285.30 an ounce.
Futures were likely to find support at $1,281.00, the low from August 1 and resistance at $1,305.20, the high from July 30.
Poland's foreign minister, Radoslaw Sikorski, warned on Tuesday that Russian troops were massing near the Ukraine border either to put pressure on the country or to invade it.
The news came after Russian President Vladimir Putin ordered his government to prepare retaliatory measures against U.S. and European sanctions imposed on Moscow last week, in response to the country’s support of pro-Russia rebels in eastern Ukraine.
Gold is often seen as a haven investment in times of geopolitical uncertainty.
Also on the Comex, silver for September delivery picked up 0.18%, or 3.5 cents, to trade at $19.86 a troy ounce.
Elsewhere in metals trading, copper for September delivery shed 0.7%, or 2.2 cents, to trade at $3.182 a pound.