Gold prices were seen trading higher on Wednesday, picking up from previous losses, while traders increase demand for a safe haven as the tension between Russian and Ukraine continues. Meanwhile, the upbeat US consumer confidence capped bigger gains.
Gold futures for June delivery gained 0.22% to $1.314.40 an ounce at the time of writing on New York’s Comex. At the same time, silver futures for immediate delivery climbed 0.31% to $20.045 an ounce.
On Tuesday, the precious metal was seen falling to $1,305.02 on Tuesday, the lowest since February 14.
Earlier in the month, the Federal Reserve (Fed) Chair Janet Yellen suggested the US central bank may increase its interest rates in the next six months.
As Philadelphia’s Fed President Charles Plosser spoke on the US monetary policy on Tuesday and predicted short-term interest rates at 3% by the end of next year and rising to 4% by the end of 2016.
The latest Confidence Board consumer sentiment index released on Tuesday revealed that the US consumer confidence climbed to the highest in six years in March.
The US Conference Board’s consumer confidence climbed to 82.3, compared to the previous reading of 78.3 in February and analysts’ estimates of a reading of 78.6.
Gold – Ukraine Ongoing Tensions
The ongoing tensions between Ukraine and Russia continues to be in focus as the Western nations including the US warned Russia that it could face harsher economic sanctions if it imposed further action to the country following the annexation of Crimea.
Hong Kong’s net gold exports to China climbed 25% higher in February, following the drop recorded in the previous month. While demand in March is forecasted to be dragged lower by the weaker yuan and the lower prices on the mainland.
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