Gold looks to perk up on safe-haven buying

Gold prices, which have been wilting due to the yellow metal’s safe-haven status to start 2013, are trading slightly higher in the early part of Tuesday’s Asian session after catching a small bid during Monday’s U.S. session.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.23% to USD1,576 per troy ounce in Asian trading Tuesday. The yellow metal settled up 0.01% at USD1,572.50 a troy ounce in U.S. trading on Monday.

Gold futures were likely to test support USD1,564.20 a troy ounce, Friday's low, and resistance at USD1,619.40, last Tuesday's high.

Gold was challenged in February by a spate of solid U.S. economic data, indications the Chinese economy is improving, euro zone flareups that send investors rushing to the U.S. dollar and investors’ preference for equities over commodities.Continue Reading ....