Investing.com - Gold futures were higher on Tuesday, as investors turned their attention to Wednesdays’ minutes of the Federal Reserve’s June meeting for hints on the central bank’s interest rate outlook.
On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 0.54%, or $7.00, to trade at $1,324.90 a troy ounce during U.S. morning hours. Prices held in a range between $1,317.70 and $1,325.70 an ounce.
Gold futures were likely to find support at $1,309.40, the low from July 3 and resistance at $1,334.90, the high from July 1.
Also on the Comex, silver for September delivery tacked on 0.73%, or 15.4 cents, to trade at $21.16 a troy ounce.
Robust nonfarm payrolls data released last week revived speculation over when the Fed may start to raise interest rates.
However, market players believe that the central bank will stick to its dovish stance on monetary policy amid concerns over slow growth in inflation and wages.
Elsewhere in metals trading, copper for September delivery advanced 0.28%, or 0.9 cents, to trade at $3.270 a pound, as investors looked ahead to Chinese data on June consumer price inflation on Wednesday.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.