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.
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.