Gold prices were seen climbing on Tuesday, rising to a three-week high as all eyes are on today’s meeting between Vladimir Putin and Petro Poroshenko in Belarus.
Gold for immediate delivery jumped 0.9% to $1,288.19, according to Bloomberg generic pricing. Gold prices for December delivery traded 0.8% higher to $1,289 on the Comex in New York.
Silver for immediate delivery added 0.9% to $19.5343 an ounce in London, picking up from $19.30 on Monday, the lowest since June 12.
The yellow metal fell to a two-month low of $1,273.14 an ounce on speculation that the Federal Reserve may increase interest rates sooner than expected after the Fed Chair Janet Yellen hinted in a speech at Jackson Hole.
Russia
Later in the day, the Russian President Vladimir Putin and Petro Poroshenko are expected to meet in Belarus. Senior members of the European Union and representatives of the Russian-led Eurasian Economic Union are also expected to attend the meeting.
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Meanwhile, according to reports, armored column entered Ukraine from Russia as the Russian government announced plans to send a second convoy with humanitarian aid into the rebel-held Ukrainian region.
Middle East Tensions
The US is still deciding the next step to take on attacking the Islamic State militants inside Syria while Libya is seeking for international help as the violence escalates. The violence between Israel and Gaza continues as following the attempt into a temporary cease-fire between the countries.
Mexico, Ecuador and Belarus are among the nations that have reduced its gold reserves in July, while Kazakhstan and Russia increased them, according to data from the International Monetary Fund’s website.
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