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Gold near three-week high as Ukraine fighting boosts safe-haven bids

May 06 2014, 08:15 IST
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SummaryGold was trading near its highest in three weeks on Tuesday, holding gains from the last two sessions as more intense fighting in Ukraine lifted the metal's safe-haven appeal.

Gold was trading near its highest in three weeks on Tuesday, holding gains from the last two sessions as more intense fighting in Ukraine lifted the metal's safe-haven appeal.

FUNDAMENTALS

Spot gold rose 0.1 percent to $1,310.70 an ounce by 0020 GMT, after gaining 2 percent over the last two sessions. On Monday, gold climbed to $1,315.60 - its highest since April 15, before paring some gains.

Pro-Russian rebels shot down a Ukrainian helicopter in fierce fighting near the eastern town of Slaviansk on Monday, and Kiev drafted police special forces to the southwestern port city of Odessa to halt a feared westward spread of rebellion.

Goldcorp Inc has resumed operations at its Los Filos mine in Mexico after reaching a new five-year occupancy agreement with local landowners.

South Africa's Association of Mineworkers and Construction Union (AMCU) said its striking members had rejected the latest wage offer by the world's three biggest platinum mining companies.

South African President Jacob Zuma has accused the AMCU union of irresponsibility for dragging out the platinum strike for almost four months, saying there was a risk of workers losing their jobs because of the dispute.

Three trade groups asked a U.S. appeals court to stop the Securities and Exchange Commission from implementing a new rule requiring companies to determine if their products contain "conflict minerals" from a war torn region in Africa.

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