Gold at three-week high on Ukraine tensions
Spot gold rises to a three-week high of $1,328.30 an ounce
Singapore: Gold jumped to a three-week high on Monday, as mounting geopolitical tensions in Ukraine curbed investor appetite for risk, sending equities lower and boosting bullion's safe-haven appeal.
Palladium gained for a fifth straight session to its highest since August 2011 on growing worries about supply from top two producers, Russia and South Africa.
FUNDAMENTALS
Spot gold rose to a three-week high of $1,328.30 an ounce before settling to trade up 0.6 percent at $1,325.
Palladium scaled fresh three-year highs on fears that more US sanctions on top producer Russia could affect supply of the metal. The next round of U.S. sanctions are expected to target Russian business sectors such as mining, banking and energy.
Platinum gained about 1 per cent to its highest in nearly a month as labour strikes in South Africa continued.
Ukraine has given pro-Russian separatists a Monday morning deadline to disarm or face a full-scale anti-terrorist operation by its armed forces, raising the risk of a military confrontation with Moscow. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.80 tonnes to 804.42 tonnes on Friday.