Investing.com - Gold prices moved lower on Monday after upbeat U.S. data and waning Ukraine fears chipped away at the precious metal's appeal as a hedge to uncertainty.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,298.30 a troy ounce during U.S. trading, down 0.60%, up from a session low of $1,296.70 and off a high of $1,304.80.
The December contract settled down 0.72% at $1,306.20 on Friday.
Futures were likely to find support at $1,293.00 a troy ounce, Friday's low, and resistance at $1,321.80, Thursday's high.
Waning geopolitical concerns sent gold prices falling on Monday.
Russian and Ukraine foreign ministers held talks earlier and while no resolution to end the conflict emerged, the flow of humanitarian aid deliveries into Ukraine from Russia continued, which calmed nerves in global markets.
Upbeat U.S. data also weakened the commodity by keeping expectations firm that the Federal Reserve remains on track to end its stimulus bond-buying program around October and raise interest rates some time in 2015.
The National Association of Home Builders/Wells Fargo Housing Market Index increased to 55.0 in August, a seven-month high, from 53.0 in July, beating estimates for a reading of 53.0.
A level above 50.0 indicates a favorable outlook on home sales and below indicates a negative outlook.
“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” said NAHB Chairman Kevin Kelly.
Meanwhile, silver for September delivery was up 0.66% at $19.635 a troy ounce, while copper futures for September delivery were up 0.17% at $3.108 a pound.