Gold Rises to $1,303.60 per Ounce Ahead of Ukraine Talks

Precious Metals

Gold rose 0.1 percent or $1.30 to $1,303.60 an ounce on Wednesday, according to Reuters. While the metal is still feeling the pressure of factors such as slowing demand, the situation in Ukraine has increased investor appetite for a low-risk commodity. Ukrainian government forces and pro-Russian militia have recently engaged in displays of force and strong rhetoric, and representatives from the U.S., EU, Russia and Ukraine preparing to enter talks in Geneva on Thursday.

“The early April uptrend is now broken, and if it wasn’t for Ukraine, we would be closer to $1,280,” Andrey Kryuchenkov, an analyst at VTB Capital, told Reuters. “There is hardly any physical consumer demand or investor interest to support gold on price pullbacks.”

U.S. gold futures for June delivery rose $3.70 an ounce to $1,304.00.

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