Gold prices high as Ukraine fighting ups safe-haven bids, China demand

Gold prices was bid near its highest level within three weeks on Tuesday, the gains of the last two sessions as more heavy fighting in the Ukraine raised attractive safe haven metal. And Gold prices edged higher in Asia as demand from China.

Gold prices high as Ukraine fighting ups safe-haven bids, China demand

Spot gold was rose 0.1# to $ 1,310.70 an ounce by 0020 GMT, after gaining 2 percent in the past two sessions. On Monday, gold rose to $ 1,315.60 – its highest since April 15, before trimming some profits level.

In the Comex division of NYMEX, gold futures for delivery in June quoted at $ 1,311.80 a troy ounce, up 0.19%, after hitting a session low overnight of $ 1299.70 and a maximum of $ 1315.70.

Pro-Russian rebels downed a Ukrainian  helicopter in heavy fighting close to the eastern town of Slaviansk Monday, and worded Kiev police special forces of the port city of Odessa Southwestern to stop a feared spread to the west of the rebellion.

Goldcorp Inc has restarted day operations at the Los Filos mine in Mexico after reaching agreement on a new five-year employment with local landowners.

South African Association of Mining and Construction Union (AMCU) said its members would have on strike latest pay offer refused  by three largest platinum mining companies in the world.

South African President Jacob Zuma, has charged union AMCU irresponsible to drag out the strike the platinum for nearly four months, saying that there was risk of workers losing their jobs due to contention.

Three trading groups asked a U.S. appellate court to halt the Securities and Exchange Commission of the implementation of a new standard that forcing companies to determining whether their products contain “conflict minerals” in a ravaged by war region in Africa.

While, the prices of gold rose earlier after have a final look of manufacturing purchasing managers index HSBC China reached at 48.1 in April, down from a preliminary estimate of 48.3 and missing estimates for a rise 48.4. A reading below 50 point to a contraction.

 

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