Gold Climbs Above $1270 as Lows Encourage Buying
Gold advanced for a second day on speculation that prices near the lowest level since June may encourage purchases as investors assessed tensions in Ukraine and the outlook for higher U.S. borrowing costs.
Gold has rallied 5.9% this year as unrest in the Middle East and Ukraine boosted haven demand. Russian President Vladimir Putin and his counterpart Petro Poroshenko yesterday agreed on steps to end more than five months of fighting in Ukraine’s eastern regions.
Gold for December delivery climbed 0.3% to $1,273.60 an ounce on the Comex in New York. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, fell for a third day yesterday in the longest run of losses since May.
Source: Bloomberg
