Economic, Geopolitical Worries Push Gold Up

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Gold rose to two-week highs last week as worries grew over economic weakness in the euro zone and tensions between Russia and the West.

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The rise in gold continued a rally sparked Tuesday afternoon, when Polish Foreign Minister Radoslaw Sikorski said Russian troops are poised to pressure or invade Ukraine, causing gold prices to reverse losses and head higher in aftermarket electronic trading. Conflicts in Ukraine and the Middle East have helped buoy gold prices in recent months, even as the market has been weighed down by expectations that the Federal Reserve may tighten monetary policy sooner than expected, according to the Wall Street Journal.

Indian gold bullion saw a 1.4 percent increase on Friday, August 8, reaching INR 28,950 ($472.51) per 10 grams and making it the biggest upwards shift of the day. Japanese gold bullion prices inched up 0.8 percent to JPY 4,296 ($42.06) per gram. After a 0.6 percent increase, Chinese gold bullion finished the day at CNY 260.65 ($42.29) per gram. At $1,313, the price of US gold bullion finished the market day up 0.5 percent per ounce.

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Following a 0.9 percent rise last Friday, the price of Japanese silver closed at JPY 657.00 ($6.43) per 10 grams. Chinese silver prices saw a 0.4 percent decline to CNY 4,260 ($691.22) per kilogram. At $19.95 per ounce, US silver fell 0.3 percent last Friday. Indian silver saw its price rise 0.3 percent to INR 44,904 ($732.90) per kilogram.

The price of US platinum bar increased 1.0 percent to $1,474 per ounce. Chinese platinum bar finished the day up 1.0 percent to CNY 310.00 ($50.30) per gram. After falling for two days, the price of Japanese platinum bar rose 0.6 percent to JPY 4,856 ($47.54) per gram.

US palladium bar saw its price rise 0.8 percent to $853.00 per ounce. Japanese palladium bar saw little change in its price last Friday at JPY 2,855 ($27.95) per gram. The price of Chinese palladium bar steadied at CNY 188.00 ($30.50) per gram following two-days of dropping prices.

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