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Gold rises above 1,300 dollars

English.news.cn   2014-04-26 05:13:13

CHICAGO, April 25 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose above 1,300 dollars per ounce Friday on escalating tensions in Ukraine.

The most active gold contract for June delivery rose 10.2 dollars, or 0.79 percent, to settle at 1,300.8 dollars per ounce.

Gold closed the week with a gain of 0.5 percent.

Tensions between Ukraine and Russia have escalated as Ukrainian Prime Minister Arseniy Yatsenyuk accused Russia of wanting to start a third world war by occupying Ukraine, while the U.S. warned of more sanctions against Russia. The Standard & Poor's Ratings Services has downgraded Russia's credit rating to one notch above junk.

Upbeat economic data released Friday failed to dampen gold. A report from the University of Michigan and Thomson Reuters showed that U.S. consumer sentiment rose to a final April reading of 84.1, the highest reading since July, from a final March level of 80.

A broad decline in U.S. equities also boosted gold.

Silver for May delivery rose 0.3 cents, or 0.02 percent, to close at 19.691 dollars per ounce. Platinum for July delivery gained 14.7 dollars, or 1.04 percent, to close at 1,424.3 dollars per ounce.

Editor: Mu Xuequan
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