Gold
climbed to the highest level in almost three weeks, extending a second
weekly increase, as escalating violence in Iraq spurred demand for a
haven. Silver reached a one-month high, while platinum and palladium
rose.Bullion for immediate delivery added as much as 0.5 percent to $1,282.98 an ounce, the highest level since May 27, and was at $1,282.02 by 11:54 a.m. in Singapore, according to Bloomberg generic pricing. The metal gained 1.9 percent last week and a fifth day of gains today would be the longest such run since February.
Bullion has advanced 6.7 percent this year in part because of unrest in Ukraine, where tension escalated last week after pro-Russian militants shot down a transport plane in the east of the country. In Iraq, the army killed more than 279 rebels as fighting intensified in OPEC��s second-biggest producer.
Gold for August delivery increased as much as 0.7 percent to $1,283.10 on the Comex, the highest since May 27. The metal ended a 12-year bull run in 2013 on expectation that the Federal Reserve, which meets this week, will scale back monetary stimulus as the U.S. economy improves. Policy makers have cut asset purchases four times this year.
Silver for immediate delivery climbed as much as 1 percent to $19.889 an ounce, the highest level since May 14, before trading at $19.7913. Palladium gained 1 percent to $822.47 an ounce, while platinum rose 0.8 percent to $1,445.38 an ounce.
Source : Bloomberg
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