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Gold edges higher with Ukraine events in focus

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Investing.com -

Investing.com - Gold prices inched higher on Monday, as investors continued to monitor events in Ukraine, after results of Sunday's referendum showed 89% of voters in the eastern Ukrainian city of Donetsk voted in favor of self-rule.

On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.18%, or $2.30, to trade at $1,289.90 a troy ounce, during European morning hours. Prices held in a range between $1,278.30 an ounce and $1,292.60.

Gold prices were likely to find support at $1,272.00 an ounce, the low from May 2 and resistance at $1,315.00, the high from May 7.

Over the weekend, pro-Russian separatists in eastern Ukraine claimed victory in a referendum on self-rule, fuelling fears that the country is sliding closer to civil war. The vote has been condemned by Ukraine's government and the West.

Gold, seen as a safe haven investment, usually benefits from geopolitical turmoil.

Also on the Comex, silver for July delivery rallied 0.99%, or 18.9 cents, to trade at $19.31 a troy ounce.

Elsewhere in metals trading, copper for July delivery rose 1.29%, or 4.0 cents, to trade at $3.123 a pound amid indications China's government will introduce measures to deepen reforms of the nation's capital markets.

The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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