Gold Rises to $1,299.22 per Ounce on Fund Inflows

Gold rose 0.2 percent or $2.60 to trade at $1,299.22 per ounce on Tuesday, according to Reuters. The metal ended a two-day run of losses as gold exchange-traded products received significant inflows. The SPDR Gold Trust, which is the world’s largest gold-backed exchange-traded fund, said its own holdings rose 2.09 tonnes to 797.69 tonnes, representing the fund’s first inflow in nearly a month. Geopolitical tensions also contributed to the rise, as dozens of people were killed while fleeing fighting in eastern Ukraine on Monday.

The gains from these factors were capped, however, by strong equities and a well-performing dollar.

U.S. gold gained $1 to trade at $1,300.50 per ounce.

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