Gold Surges to $1307 as Ukraine Boosts Appeal

Gold held overnight gains to trade near its highest in over a week on Thursday as fears of Russian military action against Ukraine and heightened tensions between Moscow and the West burnished gold’s appeal as a safe-haven.

Spot gold rose 0.1 percent to $1,307.60 an ounce by 0021 GMT, after gaining 1.4 percent on Wednesday. The metal hit $1,309.60 in the previous session – its highest since July 29.  U.S. gold was steady at $1,308.90 after rising 1.8 percent in the previous session.

Russia will ban all imports of food from the United States and all fruit and vegetables from Europe, the state news agency reported on Wednesday, a sweeping response to Western sanctions imposed over its support for rebels in Ukraine.

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