Gold Holds Above $1,300 on Ukraine; Fund Outflows Pose Risk
April 17, 2014 2:08 PM EST
Gold held steady just above $1,300 an ounce on Thursday supported by tensions in Ukraine, but the metal was at the risk of adding to recent losses as the world's biggest gold-backed fund saw its sharpest outflow in nearly four months.
Gold Near Two-week High as Ukraine Tensions Boost Safe-haven Bids
* Spot gold was little changed at $1,302.20 an ounce by 0022 GMT, after closing flat on Wednesday.
* Holdings in SPDR Gold Trust fell 8.39 tonnes to 798.43 tonnes on Wednesday - the biggest outflow since Dec. 23, indicating waning investor interest.
* Gold fell nearly 2 percent on Tuesday, on technical selling and growing fears about slowing demand in top consumer China.
* Heightened geopolitical tensions in Ukraine kept the metal supported near $1,300 after the fall. Separatists flew the Russian flag on armoured vehicles taken from the Ukrainian army, humiliating a Kiev government operation to recapture eastern towns controlled by pro-Moscow partisans.
* Canada's Osisko Mining Corp reached a C$3.9 billion ($3.6 billion) deal to sell most of its assets to Yamana Gold Inc and Agnico Eagle Mines Ltd as it battles to thwart a hostile takeover bid from Goldcorp Inc, one of the world's biggest gold miners.
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- The Pirate Bay Blockade: Cost Of Blocking Websites Like TPB Is Ridiculously High
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- Virginia Woman Who Posted Naked Image Of Ex-BF’s New Partner 1st Person Charged Under Revenge Porn Law
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop