Investing.com - Gold prices were holding close to their highest
level in two weeks on Wednesday, as heightened tensions over
Ukraine underpinned safe haven demand for the precious metal.
On the Comex division of the New York Mercantile Exchange, gold
for June delivery was last up 0.08% to $1,310.20. On Tuesday, gold
rose to highs of $1,314.70, the strongest since March 26, on the
back of a weaker dollar and growing concerns over Ukraine.
Heightened geopolitical risk continued to underpin
as Ukraine's government fought pro-Russian demonstrations in the
east of the country. For its part, Russia has warned that use of
force against the separatists could drag the country into civil
Gold, seen as a safe haven investment, usually benefits from
economic and geopolitical turmoil.
Signs of increased physical demand from top buyer China also
supported gold prices. The Shanghai Gold Exchange saw spot gold
prices rise by $1 an ounce for the first time since early March on
The US Dollar Index remained close to three-week lows ahead of
the minutes of the Federal Reserve's March meeting due out later in
the trading day, after last week's U.S. payrolls report came in
slightly below expectations.
Fed Chair Janet Yellen said recently that slack in labor markets
showed accommodative policies will still be needed for some
Elsewhere, in metals trading, silver for May delivery was down
0.66% to $19.925 a troy ounce, while copper for May delivery fell
0.43% to trade at $3.038 a pound.
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