Gold rose $1.6 percent to reach $1,308.15 per ounce on Wednesday, according to Reuters, after closing flat on the previous day. The gains in gold price come on the back of increased worries over the escalation of military conflict in the Ukraine, while Russian President Vladimir Putin says that the country plans to restrict imports of food from countries that have imposed sanctions on Russia.
Bill O’Neill, partner at New Jersey-based commodities investment firm LOGIC Advisors, said, “[i]t’s a safe-haven, flight-to-quality day for gold because of fears in the market caused by lower European stock prices and Putin’s aggressive attitude
U.S. COMTEX gold futures rose $22.90 to reach $1,308.20 per ounce, Reuters reported.
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