Investing.com - Gold futures inched higher on Wednesday, as ongoing concerns about conflicts in Gaza and Ukraine underlined demand for safe haven assets.
On the Comex division of the New York Mercantile Exchange, gold for August delivery eased up 0.24%, or $3.10, to trade at $1,309.40 a troy ounce during U.S. morning hours. Prices held in a tight range between $1,305.60 and $1,311.60 an ounce.
Gold ended Tuesday’s session down 0.58%, or $7.60, to settle at $1,306.30 an ounce. Futures were likely to find support at $1,298.10, the low from July 17 and resistance at $1,325.50, the high from July 18.
U.S. Secretary of State John Kerry flew to Tel Aviv on Wednesday to step up efforts to secure a ceasefire in the Gaza strip, as fighting between Israeli security forces and Hamas militants continued.
U.S. and European air carriers halted flights to Tel Aviv on Tuesday, citing concern over a militant rocket from Gaza that hit a house near the city's airport.
Meanwhile, in Ukraine, pro-Russian rebels shot down two Ukrainian fighter jets, not far from where the Malaysian Airlines passenger plane was brought down in eastern Ukraine late last week, a spokesman for Ukraine's military operations said Wednesday.
Also on the Comex, silver for September delivery tacked on 0.17%, or 3.5 cents, to trade at $21.04 a troy ounce.
Elsewhere in metals trading, copper for September delivery inched up 0.11%, or 0.4 cents, to trade at $3.212 a pound.