Gold gains as Ukraine crisis heats up and softens dollar

A A A - - Gold prices rose on Thursday after the Russia-Ukraine crisis heated up anew and softened the dollar, which trades inversely with gold.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at 1,291.70 a troy ounce during U.S. trading, up 0.55%, up from a session low of $1,268.60 and off a high of $1,298.30.

The June contract settled up 0.27% at $1,284.60 on Wednesday.

Futures were likely to find support at $1,265.00 a troy ounce, the low from Feb. 10, and resistance at $1,301.20, Monday's high.

Ukraine military forces killed five separatists earlier, while Russian President Vladimir Putin warned Kiev against stepping up its offensive against the rebels.

Geopolitical tensions eclipsed overall positive U.S. data by stoking fears the Washington will get dragged into the conflict, which sent investors chasing safe-haven yen positions, making gold an attractive hedge to the weaker dollar.

The Commerce Department reported earlier that U.S. orders for durable goods rose 2.6% in March, beating expectations for a 2% gain.

Core durable goods orders, which exclude volatile transportation items, rose 2% last month, far outpacing forecasts for a 0.6% gain.

Separately, the Labor Department said the number of individuals who filed for unemployment assistance in the U.S. in the week ending April 19 rose by 24,000 to 329,000. Analysts had expected an increase of 5,000.

Despite the increase, underlying trends still point to recovery in the labor market, giving investors room to focus on other market steering currents.

Meanwhile, silver for May delivery was up 1.23% at US$19.678 a troy ounce, while copper futures for May delivery were up 1.84% at US$3.115 a pound. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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