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Gold Advance to Highest in More Than a Week on Ukraine Crisis

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BESTPROFIT FUTURES (28/04) – Gold traded near the highest level in more than a week, set for a monthly gain, as a worsening crisis in Ukraine stoked haven demand.

Bullion for immediate delivery rose as much as 0.3 percent to $1,306.59 an ounce, the highest since April 16, and traded at $1,302.76 by 2:27 p.m. in Singapore. Prices are 1.5 percent higher this month after dropping 3.2 percent in March, according to Bloomberg generic pricing.

Gold has risen 8.4 percent this year, rebounding from the worst annual decline in more than three decades, in part as the conflict between Russia and Ukraine fuels demand. The U.S. and European Union will impose new sanctions as early as today on Russian companies and individuals close to President Vladimir Putin over the escalating crisis, officials said.

Gold slid 28 percent in 2013 to end a 12-year winning streak, on speculation that the Federal Reserve would reduce stimulus as the world™s largest economy recovers. The central bank, which meets April 29-30, announced cuts to asset purchases at each of the past three gatherings.

Copy Source: Bloomberg