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Gold Rebounds From One-Month Low as Ukraine Concern Spurs Demand
2014-03-25 13:47:00

Bullion for immediate delivery advanced as much as 0.6 percent to $1,316.86 an ounce and was at $1,314.61 at 2:01 p.m. in Singapore. Prices dropped to $1,308.06 yesterday, the lowest since Feb. 20, on expectations that interest rates are set to increase as the U.S. recovers. Gold for June delivery rose 0.3 percent to $1,315 an ounce on the Comex in New York.

Meeting for the first time since last week’s annexation of Crimea by Russia, Group of Seven leaders said they won’t attend the planned G-8 meeting that had been set for Sochi, and will instead hold their own summit in June in Brussels. Gold rose 9 percent this year on signs of a faltering global economy and the most serious confrontation between Moscow and the U.S. and its allies since the demise of the Soviet Union.

“I can’t see any other direction for gold other than going higher because this situation isn’t going to resolve itself anytime soon,” said Gavin Wendt, the founder and senior resource analyst at Mine Life Pty in Sydney. “It’s not going to get resolved and it could spread to other parts of Ukraine.”

Holdings in the SPDR Gold Trust, the world’s biggest bullion-backed exchange-traded product, increased 0.6 percent to 821.47 metric tons yesterday, the highest since Dec. 13, according to data from the fund’s website.

“We remain ready to intensify actions, including coordinated sectoral sanctions,” the G-7 said in a statement. U.S. President Barack Obama told reporters yesterday that there’s agreement to impose a cost on Russia for its actions.

Silver for immediate delivery climbed 0.5 percent to $20.0482 an ounce after earlier dropping to $19.8844, the lowest level since Feb. 7. The price fell 1.9 percent yesterday.

Palladium was at $794.65 an ounce from $794.90 yesterday, when the metal climbed to $801.53, the highest level since August 2011 on concern that supplies from Russia may be disrupted. Platinum gained 0.2 percent to $1,431.72 an ounce.

To contact the reporter on this story: Phoebe Sedgman in Melbourne

To contact the editors responsible for this story: Jake Lloyd-Smith

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