Gold Up to $1290 on Ukraine Concerns

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.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.