On Tuesday gold fluctuated near a one-week low, as market players anticipated the start of a Federal Reserve meeting later in the day for further clarification on when interest rates might start to grow.
Gold futures for April delivery dipped 60 cents, or 0.05%, to trade at $1,279.80 a troy ounce during European morning hours on the Comex division of the New York Mercantile Exchange. Prices held in a range between $1,273.30 and $1,284.80.
Yesterday gold lost $13.20, or 1.02%, to settle at $1,280.40 as appetite for safe-haven assets weakened after jitters over the Greek election diminished. Futures were likely to find support at $1,272.10, the low from January 20, and resistance at $1,303.00, the high from January 23.
Silver futures on the Comex for March delivery declined 8.5 cents, or 0.47%, to trade at $17.89 a troy ounce. On Monday, silver slumped 31.7 cents, or 1.73%, to end at $17.98.
Investors are awaiting the start of the Federal Reserve's two-day policy meeting later in the day, for clarification on when interest rates might start to rise.
Later in the day, the U.S. was to release data on durable goods orders, as well as private sector reports on consumer confidence and new home sales for further indications on the strength of the economy.
At the same time, the euro was higher against the dollar, after hitting an 11-year low in the previous session, as fears sparked by anti-austerity Syriza party's victory in Sunday's Greek elections subsided.
Copper for March delivery shed 3.9 cents, or 1.54%, to trade at $2.506 a pound.
The March contract hit a low of $2.419 on Monday, a level not seen since June 2009, before turning higher to close at $2.543, up 4.1 cents, or 1.66%.
The metal is down approximately 11.5% so far in January as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.
