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Gold holds gains near four-month high on safe-haven demand

Source : REUTERS
Last Updated: Wed, Mar 12, 2014 03:37 hrs
Should you buy gold now?<br>

​Gold held on to overnight gains on Wednesday to trade near its highest in four months, as global uncertainty over economic growth and tensions in Ukraine burnished the metal's safe-haven appeal.

FUNDAMENTALS

Spot gold eased 0.1 percent to $1,347.40 an ounce by 0027 GMT, after gaining 0.8 percent on Tuesday.

Ukraine's government appealed for Western help on Tuesday to stop Moscow annexing Crimea but the Black Sea peninsula, overrun by Russian troops, seemed fixed on a course that could formalise rule from Moscow within days.



China's first bond default and weak data on exports have worried investors about the health of the world's second-biggest economy. Copper and iron ore prices have been hit hardest.

Pakistan has extended its ban on gold imports to March 31, as it tries to stop smuggling to India where high import duties have made supplies scarce.

Gold-backed exchange-traded products saw inflows of $500 million in February, a reversal from 13 consecutive months of outflows, according to BlackRock.

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