Gold gained in New York, after the first weekly loss in seven, as investors weighed tension in Ukraine and Gaza against the outlook for higher U.S. interest rates. Palladium traded below a 13-year high.
Gold slipped 2 percent last week as the dollar climbed to a four-week high versus 10 major currencies and Federal Reserve Chair Janet Yellen said benchmark rates could increase sooner than expected. Bullion slid 28 percent last year on expectations the Fed will reduce monetary stimulus.
Unrest in Ukraine and the Middle East partly helped gold rebound 9.4 percent this year. Russian President Vladimir Putin is facing intensified international pressure after pro-Russian rebels were blamed for downing a passenger jet on July 17, killing 298 people on board. A ground offensive in Gaza entered its bloodiest phase yet after two weeks of fighting between Palestinian and Israeli soldiers.
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.