Wednesday, 7 May 2014

Gold trade 3-week high on Wednesday as softer dollar, Ukraine tensions

Gold went up to trade near its highest level within 3-weeks on Wednesday, aided by the dollar weakness and underlying tensions in Ukraine that led to safe-haven bids.
On the Comex division of the NYMEX, gold futures for delivery in June quoted at $ 1,308.70 a troy ounce, up 0.01%, after hitting a intra session low overnight of $ 1304.60 and a maximum of $ 1314.20.
Spot gold was rose 0.4 percent to $ 1311.71 an ounce at 0344 GMT, having earlier touched a session high of $ 1,313.50. He hit a 3-week high of $ 1315.60 on Monday.

At the MCX, gold for delivery in June moved up by Rs 87, or 0.30 per cent, to Rs 28,974 per 10 grams.

The periods of economic and political uncertainties in general tend to polish gold's appeal as a safe haven investment.

Growing tensions Ukraine also could get even worse the relationships between Russia and the West, pushing gold. The Obama government is working on a new round of penalties against Russia if the ramps dramatically attack on Ukraine.

Gold has also been aided by the weak U.S. dollar, which was languishing at six-month lows against a basket of major currencies.

A lower dollar makes it cheaper for other currency holders to buy gold.

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