Investing.com - Gold prices trimmed gains to trade little changed on Tuesday, as investors digested a raft of better than expected U.S. economic data.
On the Comex division of the New York Mercantile Exchange, gold for August delivery rose to a session high of $1,326.60 a troy ounce, the most since April 15, before trimming gains to last trade at $1,319.00 during U.S. morning hours, up 0.05%, or 60 cents.
Gold ended Monday’s session up 0.14%, or $1.80, to settle at $1,318.40. Prices were likely to find support at $1,276.20, the low from June 19 and resistance at $1,331.40, the high from April 14.
Also on the Comex, silver for September delivery tacked on 0.23%, or 4.9 cents, to trade at $21.01 a troy ounce. Prices rallied to $21.22 earlier in the session, the highest level since March 18.
Data released earlier showed that new home sales soared by 18.6% to hit a six-year high of 504,000 units in May, blowing past expectations for a gain of 1.6% to 440,000.
At the same time, the Conference Board said its index of consumer confidence rose to a six-year high of 85.2 in June from a reading of 82.2 in May. Analysts expected the index to rise to 83.5 in June.
The robust data underlined the view that the U.S. economy was regaining traction after being slowed by unusually cold temperatures during the winter months.
Meanwhile, concerns about ongoing violence in Iraq lingered, as militants from the Islamic State of Iraq and the Levant seized control of key areas near the border with Jordan and Syria over the weekend.
Iraqi Prime Minister Nuri al-Maliki has agreed to a July 1 deadline to create a new government, a step required by Washington if Baghdad receives U.S. assistance in battling the insurgents.
Elsewhere in metals trading, copper for September delivery eased up 0.05%, or 0.2 cents, to trade at $3.144 a pound.
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