Gold Steady Around $1312 over Safe-Haven Bids

Gold stabilized near $1,310 an ounce on Tuesday as escalating tensions over conflicts in Ukraine and the Gaza strip dented global risk appetite and burnished the metal’s safe-haven appeal.  Spot gold was little changed at $1,311.16 an ounce by 0009 GMT, after ending flat in the previous session.

The United States, alarmed by escalating civilian bloodshed in an Israeli offensive in the Gaza Strip, took a direct role in efforts to secure a ceasefire on Monday, as the Palestinian death toll jumped to more than 500.

Despite growing calls for a halt to two weeks of fighting, violence raged on. Israel pounded the coastal strip, killing 28 members of a family in one strike, 11 people in an attack on a high-rise building and four in the shelling of a hospital, medics said.

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