Gold rose to the highest price in more than 16 weeks in New York on speculation weaker U.S. economic data and political turmoil in Ukraine increased haven demand. Silver also reached the highest since October.
Sales of previously owned U.S. homes dropped in January to the lowest level in more than a year, data showed Feb. 21. In Ukraine, lawmakers yesterday gave presidential powers to parliament speaker Oleksandr Turchynov, after ousting Viktor Yanukovych from the role as violence amid anti-government protests killed at least 82 people last week.
After slumping by the most since 1981 last year, gold rose 11 percent since the end of December and is headed for a second monthly gain as signs the U.S. economy wasn’t recovering in line with expectations boosted demand for a haven. Bullion prices rebounded this year even as the Federal Reserve continued slowing stimulus.