Gold capped the longest rally in almost four months
as intensifying unrest from Iraq to Ukraine increased demand for the
precious metal as a haven.
Bullion has climbed 6.1 percent this year partly
because of tension in Ukraine, which said today that natural gas
supplies had been cut off by Russia amid worsening relations between the
two countries. Iraq��s army killed more than 279 fighters from the
Islamic State in Iraq and the Levant and destroyed 50 of the group��s
vehicles within 24 hours, military spokesman Qassim Ata said yesterday.
Gold futures for August delivery increased 0.1
percent to settle at $1,275.30 an ounce at 1:46 p.m. on the Comex in New
York. The metal touched $1,285.10, the highest for a most-active
contract since May 27, and has gained for six straight sessions, the
longest rally since Feb. 18.
Trading was 33 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.
Copy Source: Bloomberg
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