Gold Rises to $1,342 an Ounce as China, Ukraine Concerns Continue

Today, gold rose 0.3 percent, or $4.06, to $1,342.60 an ounce, according to Reuters. Meanwhile, US gold futures for April delivery rose 0.9 percent, or $1.20, to $1,342.70 an ounce.

Those increases came on the back of weak Chinese economic data and the situation in the Ukraine, both of which prompted investors to seek a safe haven in the precious metal, as per Reuters.

“Gold continues to be largely supported above $1,329, and while prices are unlikely to break above $1,361.60 in the absence of war, underlying support from the Ukrainian crisis … is likely to keep prices elevated above $1,320 for an extended time,” Joyce Liu, an analyst at Phillip Futures, told the news outlet.