Investing.com - Gold prices held steady to higher in Asia on
Thursday with support from events in the Ukraine underpinning
On the Comex division of the New York Mercantile Exchange, gold
futures for June delivery traded at $1,306.10 a troy ounce, up
0.02%, after hitting an overnight session low of $1,291.70 and off
a high of $1,309.10.
Russian Foreign Minister Sergei Lavrov said earlier that Ukraine
was "as close to civil war as you can get" and urged all sides to
find a solution, which sent
higher on fears skirmishes in the country will escalate.
The dollar often weakens as the Ukraine crisis heats up on
concerns that Washington will slap more and tougher sanctions on
Russia, which could slow recovery, as many U.S. businesses depend
on Europe for growth.
Gold and the dollar tend to trade inversely with one
Elsewhere, a rebounding euro took the steam out of the dollar,
which also supported gold.
Expectations for the European Central Bank to loosen policy next
month have largely been priced into trading, which gave the euro
room to rise and the dollar to stand down, often a recipe for
higher gold prices.
Reuters reported earlier that the ECB is preparing a "package of
measures" including cuts to all interest rates, with negative rates
on bank deposits to encourage lending to small and medium-sized
businesses to spur recovery.
A day earlier, the Wall Street Journal reported the German
central bank Bundesbank would back monetary easing measures,
including a negative rate on bank deposits and purchases of
packaged bank loans, if such tools were needed to keep persistently
low levels of inflation from becoming entrenched in the euro
Silver for July delivery rose 0.14% at $19.803 a troy ounce.
Copper futures for July delivery gained 0.07% at $3.158 a
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