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Gold Advances on Technical Support as Investors Weigh Ukraine

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BESTPROFIT FUTURES (26/03) – Gold climbed for a second day as a technical indicator signaled further advances and investors weighed demand for a haven amid tensions in Ukraine.

Bullion for immediate delivery rose as much as 0.3 percent to $1,315.64 an ounce and was at $1,312.65 at 10:04 a.m. in Singapore. Prices fell to $1,305.02 yesterday, the lowest since Feb. 14, before closing 0.2 percent higher. Gold for June delivery advanced 0.1 percent to $1,313.20 on the Comex.

Gold held above its 200-day moving average at $1,296.83 an ounce yesterday, signaling support to some investors.

Prices climbed 8.9 percent this year on signs of a faltering global economy, whiled Russia‚ĄĘs annexation of Crimea sparked the most serious confrontation with the West since the Cold War.

Silver for immediate delivery lost 0.1 percent to $19.9675 an ounce. Palladium fell 0.3 percent to $786.69 an ounce, while platinum was at $1,419.88 an ounce from $1,419.56 yesterday.

Copy Source : Bloomberg