Yesterday, gold prices rose to their highest close since April 14, as tensions abroad drew buyers to the perceived safety of the shiny metal, which has reclaimed the closely watched level of $1,300 an ounce.
Gold is catching its breath after advances in the last couple of session the prices are modestly lower in early U.S. trading Tuesday, on a corrective pullback from good gains scored Friday and Monday. The Ukraine-Russia conflict is “not going away soon” and will “limit selling pressure in the gold market.”
In the Ukraine-Russia conflict, Ukrainian officials said Tuesday that the situation along the country’s border with Russia has become more unstable , according to a Wall Street Journal report.
Meanwhile, in U.S. economic news on Tuesday, the trade deficit fell 3.6% to $40.4 billion in March. Economists surveyed by MarketWatch forecast a deficit of $40.0 billion.
Elsewhere in metals trading, July platinum rose $4.60, or 0.3%, to $1,453 an ounce, while June palladium lost 90 cents, or 0.1%, to $815.60 an ounce.High-grade copper for July delivery stayed at $3.05 a pound.