Gold Holds near Three-week High on Ukraine Tensions

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April 15, 2014 2:13 PM EST

Gold was trading near its highest in three weeks on Tuesday as heightened tensions between the West and Russia over Ukraine lifted the metal's safe-haven appeal.

Reuters
Gold Near Two-week High as Ukraine Tensions Boost Safe-haven Bids

Palladium continued to hold near its highest since August 2011 on worries over supply constrains from Russia and South Africa, the top two producers of the metal.

FUNDAMENTALS

* Spot gold was steady at $1,325.90 an ounce by 0021 GMT, not too far from its 3-week high of $1,330.90 hit on Monday.

* Palladium was near its near three-year high of $816.10 on fears that U.S. sanctions on Russia would curb supply, and on prolonged mine strikes in South Africa.

* Pro-Russian separatists ignored an ultimatum to leave occupied government buildings in eastern Ukraine and instead seized more buildings as the government failed to follow through on a threatened military crackdown.

* U.S. President Barack Obama criticized Russia in a telephone conversation with Russian President Vladimir Putin later on Monday, saying Moscow's actions in Ukraine were not conducive to a diplomatic solution.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.80 tonnes to 806.22 tonnes - the first inflow since March 24.

(Photo: Reuters / )
Gold Near Two-week High as Ukraine Tensions Boost Safe-haven Bids
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