Gold Holds Onto $1290 as Ukraine Spurs Haven Bid

Gold held gains near a one-week high, on course to snap two weeks of losses, as escalating tension between Ukraine and Russia spurred haven demand.

Bullion for immediate delivery traded at $1,291.11 an ounce at 9:02 a.m. in Singapore from $1,289.65 yesterday, when the metal climbed to $1,296.61, the highest since Aug. 20, Bloomberg generic pricing show. Prices rose 0.7 percent this week and a fourth day of advances would be the longest rally since June.

Gold has rebounded from a two-month low of $1,273.14 on Aug. 21 even as U.S. data that beat estimates supported the case for the Federal Reserve to raise borrowing costs sooner than forecast. Prices are heading for a monthly increase as the U.S. and Europe condemned what they said were incursions by Russia into Ukrainian territory.

Bloomberg

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