Author: Paul Ploumis24 Apr 2014 Last updated at 01:54:06 GMT
WASHINGTON (Scrap Monster): As tensions escalate again in Ukraine, gold gained an advantage on Wednesday. The precious metal reached up $3.50, or 0.3%, at $1,284.60 a troy ounce on the Comex division of the New York Mercantile Exchange for June delivery.
Gold had been traded low for ten weeks as crisis in Ukraine and investors’ expectations over the US economy remained high. After all, gold is the significant factor of every country’s economy.
As per the report, Russia warned the countries for attacking Ukraine, if they do, they would become the enemies of Russia.
According to Mr. Lv Jie, a Hangzhou-based analyst at Cinda Futures Co, gold is backed by the tensions in Ukraine and US home sale data. It is said that US has strengthened its economy after its economic crisis.
However, the achievement of gold seems a little and US would start the manufacturing business by this month. According to Mr. Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, it is expected to get good reviews from US economy for being the best gold trader in the world.
Meanwhile, the US government has been looking forward to stall the stimulus efforts by October and would raise interest rates by 2015 as the country’s economy seems to return back from the depression.