Gold edges lower with Gaza, Ukraine worries in focus

Gold declines as markets shrug off global tensions

Investing.com - Gold futures edged lower on Tuesday, as traders awaited new developments from Ukraine and the Middle East.

On the Comex division of the New York Mercantile Exchange, gold for August delivery fell to a session low of $1,305.90 a troy ounce, the weakest level since July 18, before trimming losses to last trade at $1,307.20 during European morning hours , down 0.51%, or $6.70.

Gold ended Monday’s session up 0.34%, or $4.50, to settle at $1,313.90 an ounce. Futures were likely to find support at $1,298.10, the low from July 17 and resistance at $1,325.50, the high from July 18.

Sentiment recovered after pro-Russian rebel leader Aleksander Borodai handed over the black boxes of the downed Malaysian passenger plane to Malaysian experts earlier Tuesday.

The United Nations Security Council voted unanimously on Monday to approve a resolution calling for an international probe into the incident and unimpeded access to the crash site.

The U.S. initially blamed pro-Russian separatists for the act, while Russia and Ukraine accuse each other of being behind the downed passenger plane.

European Union foreign ministers are to meet later Tuesday to discuss another round of sanctions against Russia, as the country continues to violate Ukraine's sovereignty and back separatists.

Meanwhile, the United States stepped up efforts to secure a ceasefire in the Gaza strip, as fighting between Israeli security forces and Hamas militants continued. U.S. Secretary of State John Kerry and United Nations chief Ban Ki Moon arrived in Cairo for talks aimed at stopping the bloodshed.

Also on the Comex, silver for September delivery dipped 0.45%, or 9.4 cents, to trade at $20.91 a troy ounce.

Elsewhere in metals trading, copper for September delivery tacked on 0.33%, or 1.1 cents, to trade at $3.210 a pound.