Gold jumped to the highest level in almost three weeks, extending its biggest advance in a month, as escalating tension in Ukraine boosted haven demand.
Bullion for immediate delivery rose as much as 1.2 percent to $1,315.06 an ounce, the highest level since April 15, and was at $1,312.19 by 4:06 p.m. in Mumbai, according to Bloomberg generic pricing. Gold climbed 1.2 percent on May 2, the biggest increase since April 4. Metal for June delivery gained 0.7 percent to $1,312.10 on the Comex in New York.
Ukraine sought to dislodge rebels from its eastern industrial heartland amid violence that’s also spread to the Black Sea gateway of Odessa. Troops in the Donetsk area, near Russia’s border, took back a television tower overnight that had been seized by pro-Russian forces, Interior Minister Arsen Avakov said on his Facebook account. Gold has rallied 9.2 percent this year amid tension between Russia and Ukraine.
“There doesn’t seem to be any sort of resolution on the horizon,” said Gavin Wendt, the founder and senior resource analyst at Mine Life Pty in Sydney. “Whenever you have these incidents or periods of uncertainty, particularly as they relate to Europe, it’s going to be positive for the gold price.”
via Bloomberg
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019