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Gold rises on safe-haven bids

Wednesday, August 06 08:40:09

Gold ticked up slightly on Wednesday and could benefit from a bout of market risk aversion as fears of increasing military action along the Ukraine border put global equities under pressure. Spot gold rose 0.3 percent to $1,291.80 an ounce by 0623 GMT, after closing flat in the previous session. U.S. gold was up about $7 to $1,292.70. "Gold could face difficulty breaking through $1,300 because the dollar is doing really well," said Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen. Geopolitical tensions in Ukraine and the Middle East have largely been responsible for gold's 7 percent gain this year. Gold, often seen as alternative investment to riskier assets such as equities, could gain if stocks fall further.

Bullion investors continued to keep an eye on economic data, after a Tuesday report showed new orders for U.S. factory goods rose more than expected in June.

Recent U.S. data pointing to strengthening economic activity has weighed on gold's appeal on fears that monetary policy could soon be tightened. The physical markets have failed to provide support to prices recently due to the seasonally quiet summer period.

Chinese gold jewellery demand fell for the first time in eight years in the second quarter and could drop as much as 20 percent in the full year, a leading precious metals consultancy said last week.

Among other precious metals, silver ticked up after dropping to a seven-week low in the previous session on strong U.S. data and a higher dollar. (Reuters)

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