Gold holds near three-week high on Ukraine tensions

Gold was trading near its
highest in three weeks on Tuesday as heightened tensions between
the West and Russia over Ukraine lifted the metal’s safe-haven
Palladium continued to hold near its highest since August
2011 on worries over supply constrains from Russia and South
Africa, the top two producers of the metal.
Spot gold was steady at $1,325.90 an ounce by 0021 GMT, not too far from its 3-week high of $1,330.90 hit on Monday.Palladium was near its near three-year high of $816.10 on
fears that U.S. sanctions on Russia would curb supply, and on prolonged mine strikes in South Africa.
Pro-Russian separatists ignored an ultimatum to leave occupied government buildings in eastern Ukraine and instead seized more buildings as the government failed to follow through on a threatened military crackdown.
U.S. President Barack Obama criticized Russia in a telephone conversation with Russian President Vladimir Putin
later on Monday, saying Moscow’s actions in Ukraine were not conducive to a diplomatic solution.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.80 tons to 806.22 tons – the first inflow since March 24.
Source:Bullion Bulletin

Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.