Gold prices down in Asia with geopolitical events watched

               

                  Gold prices dipped mildly in Asia on Tuesday with the focus on geopolitical events.

On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery traded at $1,311.80 a troy ounce, down 0.16%, after hitting an overnight session low of $1,308.00 and off a high of $1,319.00.

Concerns that tensions in Ukraine could escalate even further kept investors camped out in safe-haven positions on Monday, gold especially, amid reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.

Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.

Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.

President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose evidence.

Silver for September delivery was down 0.28% at $20.953 a troy ounce. Copper futures for September delivery fell 0.05% at $3.197 a pound - investing.com