Investing.com - Gold prices in Asia Wednesday held gains as
investors expressed geopolitical jitters and eyed the U.S. Federal
Reserve for clues on the direction of the dollar
On the Comex division of the New York Mercantile Exchange, gold
for June delivery traded at $1,309.90 a troy ounce, up 0.06%, after
hitting an overnight session high of $1,314.70 and up from a low of
rose as expectations that the minutes from the Federal Reserve's
March policy meeting to be released Wednesday will reveal dovish
language and a less-than-stellar take on U.S. recovery.
The dollar weakened and gold rose as investors avoided the U.S.
currency ahead of the Fed's March meeting, which should provide
fresh insight as to the direction of monetary policy.
Escalating tensions in the Ukraine also chipped away at the
dollar and boosted gold as well.
Gold firmed after pro-Russian activists in Ukraine's industrial
center of Donetsk declared their independence from Kiev, a move
Ukrainian leaders described as part of a Russian-orchestrated plan
to justify an invasion.
U.S. Secretary of State John Kerry said earlier that Russian
agents were encouraging unrest in eastern Ukraine and said Moscow
was preparing military action in the region.
Reports that Iraq's central bank is prepared to increase its
gold holdings also added to the day's gains.
Elsewhere on the Comex, silver for May delivery was down 0.14%
to 20.028 a troy ounce, while copper for May delivery was up 0.09%
and trading at $3.056 a pound.
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