Gold settled higher on Thursday as tensions over Ukraine increased and equity markets retreated, but analysts said the rebound could be short-lived due to strong U.S. economic growth and prospects of a U.S. interest rate hike.
NATO said on Thursday well over 1,000 Russian troops are operating inside Ukraine, marking a significant escalation of Moscow’s military involvement in the country.
Gold rose as much as 1 percent early in the day but later cut gains after data showed the U.S. economy rebounded more strongly than initially thought in the second quarter. A bigger chunk of the growth was driven by domestic demand in a bright sign for the future.
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