LONDON: Gold hit its highest in a week yesterday as violence flared in the Middle East and Ukraine, but gains were capped by uncertainty ahead of a United States Federal Reserve policy meeting and important US data later this week.
Spot gold was up 0.3 per cent at US$1,307.60 at 1200GMT, having earlier peaked at US$1,312.10. US gold was up US$4.70 at US$1,308.
“I’m actually surprised that gold isn’t up even more, given the numerous geopolitical risks,” Commerzbank analyst Daniel Briesemann said. “We’ve had some relatively good economic data published of late and we’re currently seeing a stronger dollar. That is keeping the price in check.” Reuters