Investing.com - Gold prices rose to its highest level since October on Tuesday during Asian trading hours on strong Chinese demand and a weaker U.S. dollar.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.20% at USD1,331.50 a troy ounce, which is highest since October 31.
On Monday, gold futures traded at a session low of USD1,3287.90 and off a high of 1,330.70 to settle at USD1,328.80 an ounce.
Prices were likely to find support at USD1,286.20 a troy ounce, the low from February 13 and resistance at USD1,341.90, the high from October 31.
Meanwhile, silver for March traded at USD21.868 a troy ounce, up 0.25%.
Silver futures were likely to find support at USD20.44 a troy ounce, the low from February 14 and resistance at USD22.00, the high from November 7.
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.
Data on Friday showed that U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain.
This disappointing data came one day after the Commerce Department said that retail sales fell 0.4% in January, confounding expectations for a 0.3% increase.
Gold has gained nearly 9% since the beginning of the year, while silver has picked up approximately 7.5%.
Elsewhere on the Comex, copper futures for March delivery fell 0.01% to trade at USD3.280 a pound.
Data released over the weekend showed that Chinese bank lending rose to a four-year high in January, easing concerns over tightening liquidity levels.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.