Gold rose 0.3 percent or $3.92 to trade at $1,307.60 per ounce on Tuesday, having reached a high of $1,312.10 per ounce earlier in the trading day, according to Reuters.
As geopolitical tensions rise in the Middle East and Ukraine, investors are seeking a hedge against risk. Israel destroyed the home of the leader of Hamas, Gaza’s only power plant and many other targets on Tuesday, continuing a conflict that has by now gone on for more than three weeks. However, gains for gold could be measured by an upcoming U.S. Federal Reserve policy meeting and the release of important U.S. data later in the week, according to Reuters.
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