Gold Rises from 10 week low
Duncan Richardson, News Editor
24 Apr 2014, 10:01 a.m.
Gold bullion for immediate delivery increased by 0.3% yesterday as tensions in the Ukraine continued to escalate and U.S. housing data disappointed the markets.
The Ukrainian government angered Moscow overnight after they confirmed they are going to continue to remove pro-Russian activists from key government buildings in the east of the country. Russia responded by confirming they will intervene in the east of the country to protect their citizens if required.
In the U.S. new home sales dropped to an eight week low raising concerns that the U.S. economy is weakening, this boosted gold’s appeal as a safe haven asset.
Assets held in the world’s largest exchange traded fund, the SPDR Gold Trust, remained unchanged to 792.14 metric tonnes.
Silver decreased 0.2% to $19.414 per ounce, platinum slipped 0.2% to $1,401.75 per ounce and Palladium dropped 0.1% to $784.93 per ounce.