Investing.com - Gold prices slid on Tuesday as investors took profits following a recent rally which propelled the precious metal to three-and-a-half month highs, but losses were held in check amid concerns over the outlook for the U.S. recovery.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery dipped 0.03% to $1,318.30. Gold prices rose to highs of $1,332.20 on Monday, the strongest level since October 31.
Prices were likely to find support at $1,299.93 a troy ounce, the low from February 13 and resistance at $1,341.90, the high from October 31.
Gold 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 acted as a drag on growth.
A series of soft U.S. economic data has prompted some investors to wonder whether the Federal Reserve will slow the pace of reductions to its asset-buying stimulus program.
Gold has gained nearly 9% since the beginning of the year, following a 28% drop in 2013.
Sentiment on the precious metal was dented after the World Gold Council said Tuesday that global gold demand fell 15% in 2013, as outflows from physically backed exchange traded funds outweighed record consumer demand.
Elsewhere, silver for March delivery rose 0.76% to trade at $21.58 a troy ounce.
Copper futures for March delivery slid 0.05% to trade at $3.263 a pound.