Gold prices climbed in New York as tensions between Ukraine and Russia boosted demand for the metal as a haven.
Ukraine won’t let a convoy of 280 trucks that Russia says are carrying humanitarian aid to cross into its territory in its current form as it doesn’t adhere to international rules and must be led by the Red Cross.
Gold has rallied 9.4 percent this year, defying bearish forecasts from Goldman Sachs Group Inc., as violence in Eastern Europe and the Middle East increased the appeal of the metal as a hedge against declines in other assets. The dollar also climbed today, while global equities were little changed.
“There’s multiple hotspots in the world that could easily spiral out of control to something much greater,” Tim Evans, the chief market strategist at Long Leaf Trading Group in Chicago, said in a telephone interview. “You’ll find that investors will normally flock to safe-haven markets, like gold, in case something really does develop much greater than what we’re seeing currently.”
Gold futures for December delivery added 0.3 percent to $1,314.90 an ounce at 9:22 a.m. on the Comex in New York. Prices rose 1.3 percent last week as the U.S. authorized air strikes in Iraq.
via Bloomberg
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