Gold, silver rebound ahead of U.S. retail sales data, Yellen testimony

                         Gold and silver futures regained strength on Tuesday, as investors looked ahead to highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day as well as key U.S. data.

Gold tumbled to $1,302.20 an ounce on Monday, the lowest since June 19, before settling at $1,306.70, down 2.3%, or $30.70, as profit-taking and stronger global equities dented the precious metal's safe-haven appeal.On the Comex division of the New York Mercantile Exchange, goldfor August delivery tacked on 0.46%, or $6.00, to trade at $1,312.70 a troy ounce during U.S. morning hours. Prices held in a range between $1,306.70 and $1,314.50.

Gold futures were likely to find support at $1,302.20, the low from July 14 and resistance at $1,340.90, the high from July 14.

Also on the Comex, silver for September delivery inched up 0.64%, or 13.4 cents, to trade at $21.04 a troy ounce.

Market players were eyeing Fed Chair Yellen's testimony in a U.S. Senate committee at 10:00 a.m. Eastern for signs of when the central bank would begin increasing interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Elsewhere in metals trading, copper for September delivery dipped 0.09%, or 0.3 cents, to trade at $3.246 a pound.

Copper traders looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

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Copper falls to 2-week low ahead of Yellen testimony

                      Copper futures fell to a two-week low on Tuesday, as markets were jittery ahead of highly anticipated comments by Federal Reserve Chair Janet Yellen later in the day.

On the Comex division of the New York Mercantile Exchange, copper for September delivery hit a session low of $3.224 a pound, the weakest level since July 2, before trimming losses to last trade at $3.248 during European morning hours, down 0.04%, or 0.1 cents.

Copper prices ended Monday’s session down 0.61%, or 2.0 cents, to settle at $3.249 a pound.

Futures were likely to find support at $3.183 a pound, the low from July 2 and resistance at $3.294 a pound, the high from July 14.

Market players remained cautious before Fed Chair Yellen testifies before Congress at 10:00 a.m. Eastern, amid speculation over when the central bank will start raising interest rates.

Before that, retail sales for June and the New York Fed Empire manufacturing index for July will be released.

In the minutes of the Fed's June policy meeting released last week, the Fed predicted an October close to its bond-buying stimulus program but did not hint at a timetable as to when interest rates may begin to rise afterwards.

Copper traders also looked ahead to a raft of Chinese economic data later this week, including reports on second quarter gross domestic product, industrial production and retail sales.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.

Elsewhere on the Comex, gold for August delivery inched up 0.41%, or $5.40, to trade at $1,312.10 a troy ounce, while silver for September delivery advanced 0.52%, or 10.9 cents, to trade at $21.02 an ounce. - investing.com

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Gold prices gain in Asia ahead of Yellen testimony to Congress

               Gold prices gained in Asia on Tuesday ahead of testimeony from the U.S. Federal Reserve chief to Congress and continued tension in the euro zone over Portugal.

On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery traded at $1,308.70 a troy ounce, up 0.15%, after hitting an overnight session low of $1,304.10 and off a high of $1,340.70.

Gold prices recently shot up on safe-haven demand after the parent company of Portugal's largest bank, Banco Espírito Santo, said last week that it missed commercial paper payments.

The announcement rattled nerves across the globe, fueling concerns surrounding the soundness of the banking sector in Portugal as well as in Spain and Italy.

On Monday, gold dropped after the bank as well as Portuguese government and monetary authorities assured the world the country's financial system is not in crisis.

Meanwhile in the U.S., stocks rose on hopes for upbeat earnings this week, which also chipped away at gold's use as a hedge.

Silver for September delivery rose 0.23% at $20.962 a troy ounce. Copper futures for September delivery were down 0.02% at $3.253 a pound. - investing.com

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