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Gold well bid above $1,300

Thursday, August 07 08:46:15

Gold held on to overnight gains above $1,300 on Thursday, trading near its highest in more than a week as fears of Russian military action against Ukraine and retaliation by Moscow over Western sanctions burnished gold's appeal as a safe haven.

Russia will ban all imports of food from the United States and all fruit and vegetables from Europe, the state news agency reported on Wednesday, even as NATO said Russia had massed around 20,000 combat-ready troops on Ukraine's border. Spot gold was little changed at $1,306.20 an ounce by 0624 GMT, after gaining 1.4 percent on Wednesday. The metal hit $1,309.60 in the previous session - its highest since July 29. U.S. gold was also steady at $1,307.50 after rising 1.8 percent in the previous session.

Gold is seen as an alternative investment to riskier assets such as equities, especially during times of economic and geopolitical uncertainties. It has gained more than 8 percent this year on geopolitical tensions.

Investor sentiment in bullion still seemed fragile, however, on persistent worries over possible tightening of monetary policy in the United States.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw its holdings fall 2.4 tonnes to 797.65 tonnes on Wednesday. (Reuters) For more visit: www.businessworld.ie