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Gold in tight range above $1,300

Tuesday, August 12 08:18:19

Gold was trapped in a narrow range above $1,300 an ounce on Tuesday as equities gained ground, with investors appearing to set aside for now geopolitical worries concerning Ukraine.

Spot gold was steady at $1,308 an ounce by 0657 GMT, and was trading in a $4 range. U.S. gold slipped about $1 to $1,309.20. Asian shares edged higher tracking rallies in the United States and Europe.

A stronger dollar could also have some impact on prices, although geopolitical variables were likely to be more influential, Meir said. Gold has gained about 9 percent this year, largely on tensions between the West and Russia over Ukraine, and violence in the Middle East. The metal is seen as an alternative investment to riskier assets such as equities.

Other than geopolitical factors, gold has been unable to draw support from elsewhere. Physical demand in top consuming region Asia has been sluggish after a record year in 2013, while investors have been cutting positions in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund.

Global economic data has also been strong, dulling gold's appeal as a safe haven asset. (Reuters)

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