Investing.com - Gold prices rose on Tuesday in Asia with support from geopolitical events.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,306.70 a troy ounce, up 0.07%, after hitting an overnight session low of $1,303.50 and off a high of $1,311.50.
The dollar slid and gold rose on Monday after the National Association of Realtors reported that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.
The data fueled concerns that the U.S. housing sector may be battling headwinds, which sent investors selling the greenback for profits ahead of the Federal Reserve's policy statement on Wednesday and the July jobs report due out on Friday, with gold serving as a hedge due to its tendency to move inversely with the greenback.
Separately, news that the U.S. and Western Europe are planning to slap fresh sanctions on Russia for its alleged intervention in Ukraine by supporting separatists nudged gold up by stoking concerns such geopolitical issues will drag on global recovery and prompt the Federal Reserve and other central banks to hold off on tightening policy.
Investors were also awaiting final data on U.S. second-quarter growth on Wednesday.
Silver for September delivery was up 0.29% at US$20.627 a troy ounce. Copper futures for September delivery fell 0.02% at US$3.243 a pound.