Gold rises for the third day as tension continues in the Ukraine
Adam Pike, News Editor
28 Aug 2014, 2:47 a.m.
The gold price has risen for the third consecutive day as tensions increased in the Ukraine and U.S. dollar softened. Gold bullion increased 0.5% during Asian trading to reach $1,289.05 per ounce.
Jen Psaki, U.S. State Department spokeswomen, said Russia may be supporting Ukrainian rebels in the east of the country. The U.S. believes this support may have enabled the rebels to open a new front in previously peaceful areas in the south east of the country.
The U.S. dollar fell 0.1% against a basket of major currencies which in turn boosted gold’s appeal. Historically gold outperforms traditional assets in times of economic and political uncertainty.
Gold is currently trading at £776.90 per ounce, silver £11.93 per ounce, platinum £859.27 per ounce and palladium £540.78 per ounce.