Gold rises as Ukraine tension offsets U.S economic data
Duncan Richardson, News Editor
27 Aug 2014, 10:27 a.m.
Gold rose for the second consecutive day as geopolitical tension between Ukraine and Russia boosted demand, offsetting an improving U.S. economy and strengthening U.S dollar. The gold price rose by 0.3% to $1,284.83 per ounce during Asian trading.
Fighting in the east of Ukraine continued despite Vladimir Putin describing his recent talks with Ukrainian leader Petro Poroshenko as “positive”.
The U.S. dollar climbed to a 12 month high against the Euro on speculation the Federal Reserve will increase interest rates next year, while the European Central Bank hinted they are likely to commence a new stimulus package.
Gold is currently trading at £775.47 per ounce, silver £11.74 per ounce, platinum £858.18 and palladium £536.61 per ounce.