Investing.com - Gold futures slipped lower on Friday, after Federal Reserve Chairwoman Janet Yellen said the bank will continue tapering its monthly bond purchases, while investors eyed the release of U.S. economic growth data later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,328.70 a troy ounce during European afternoon trade, down 0.23%.
The April contract settled 0.29% higher on Thursday to end at USD1,331.8 a troy ounce.
Gold futures were likely to find support at USD1,307.70 a troy ounce, the low from February 20 and resistance at USD1,345.50, the high from February 26.
Demand for the safe haven precious metal weakened after Federal Reserve Chair Janet Yellen on Thursday said the central bank will probably continue tapering its asset purchases while tracking data to figure how much recent softness in the economy is due to the weather.
Ms. Yellen was speaking in testimony to the Senate banking committee in Washington.
But gold prices still remained supported amid growing tensions in Crimea, after armed men seized the local parliament on Thursday and raised the Russian flag.
The events occurred after Russian President Vladimir Putin ordered 150,000 Russian troops to begin military exercises in central and western Russia, near the border with Ukraine.
Elsewhere on the Comex, silver for May delivery fell 0.27% to trade at USD21.295 a troy ounce, while copper for May delivery slipped 0.21% to trade at USD3.194 a pound.