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«AgroInvest» — News — Gold rises toward $1,300 as Ukraine weighed with dollar strength

Gold rises toward $1,300 as Ukraine weighed with dollar strength

2014-08-06 10:54:51

Gold climbed toward $1,300 an ounce as investors weighed haven demand from worsening tension between Ukraine and Russia against the dollar’s strength on signs the U.S. recovery is gaining momentum. Silver rebounded.

Gold for immediate delivery gained as much as 0.3 percent to $1,292.26 an ounce, and traded at $1,291.92 at 2:23 p.m. in Singapore, according to Bloomberg generic pricing. Silver increased 0.5 percent to $19.877 an ounce, reversing after a drop to $19.74, the lowest level since June 18.

Gold advanced this year, partly as unrest in Ukraine and the Middle East boosted haven demand. Poland yesterday flagged a possible invasion of Ukraine after a renewed buildup of Russian troops on the border, sending Asian equities lower. The dollar held near nine-month high against the euro as data yesterday showed factory and service gains in the world’s largest economy.

Gold “is caught between an improving U.S. economy and tension in Ukraine,” said Huang Wei, a Shanghai-based analyst at Huatai Great Wall Futures Co. “We remain cautious as the Fed maintains its path to end asset purchases.”

Bullion ended a 12-year rally in 2013 on speculation the Federal Reserve would end monthly bond-buying used to fuel growth. Fed Bank of Dallas President Richard Fisher yesterday said that fellow policy makers are becoming more hawkish. In June, Fed officials forecast they would raise the federal funds rate above zero sometime next year, without specifying a month.

Gold for December delivery advanced 0.6 percent to $1,292.50 an ounce on the Comex in New York. Holdings in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, were unchanged at 800.05 metric tons yesterday.

Platinum for immediate delivery traded at $1,456.47 an ounce from $1,457.44 yesterday, when prices dropped for a second day. Spot palladium increased 0.4 percent to $849.34 an ounce, halting a four-day losing streak.

 

 

Bloomberg