Gold up to $1312 as Geopolitical Risks Eyed

Gold steadied above the $1,300 an ounce support level on Monday, aided by anticipation of increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine.

Spot gold was little changed at $1,311.64 an ounce by 0302 GMT, after dropping 0.5 percent on Friday. Trading volumes were thin as Japanese markets were closed.

The metal jumped 1.4 percent on Thursday when news of the downed Malaysian plane that killed 298 people on board first came to light. But investors quickly banked profits the following day, causing bullion to fall 2 percent for the week, its first weekly drop in seven.

CNBC

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