Gold rose more than 1% on Tuesday in US comex speculation on the price of nearly two-month animate physical buying as investors weigh the tension in Ukraine and the Middle East.
Russian President Vladimir Putin will meet with his Ukrainian counterpart Petro Poroshenko as tensions erupt in the frontier of the two countries.
The leaders attend the talks today with the representatives of the European Union in Minsk, Belarus, during a summit of the Customs Union, a trading block led by Russia. No independently bilateral meeting is still planned among them the Russian Foreign Minister, Sergei Lavrov, said yesterday.
Comex Gold December futures rose 0.99%, or $ 12.60, to trade at $ 1291.50 a troy ounce during early European morning hours. Futures traded on an range between $ 1276.20 and $ 1291.70 an ounce. Prices rose as much as 1.1%, the biggest intraday gain since Aug. 6.
Bullion dropped to a two-month high of $ 1,273.14 an ounce on Aug. 21, on expectations that the Federal Reserve may raise rates before than expected. Fed President Janet Yellen given to understand in an address at Jackson Hole, Wyoming the following that of timeline for increases in the rates day could come forward, with US policymakers and peel back the asset purchases.
In the meantime, at MCX Gold prices advanced on Tuesday. MCX Gold December contract was trading at Rs 27960 up Rs 100, or 0.36 percent.
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