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Gold prices tick higher in Asia on continued tension in Ukraine

Published 03/11/2014, 08:07 PM
Updated 03/11/2014, 08:08 PM

Investing.com - Gold prices were a tad stronger in early Asia trade on Wednesday, supported by continued tension in the Crimean region of the Ukraine.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,348.10 a troy ounce, up 0.10%, after hitting an overnight session low of $1,338.00 and off a high of $1,352.80.

Ongoing geopolitical tensions in Ukraine bolstered gold's appeal as a hedge on Tuesday.

Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions, which boosted gold prices.

Meanwhile, silver for May delivery traded at $20.930 a troy ounce, up 0.55%, while copper futures for May delivery gained 0.11% at $2.954 a pound, recovering from a slump earlier in the week.

Weak Chinese trade data earlier in the week bruised copper prices.

Data released over the weekend showed that Chinese exports fell 18.1% on-year in February, defying expectations for a 6.8% increase, following a rise of 10.6% in January.

A separate report showed that the annual rate of inflation in China slowed to 2.0% in February, from 2.5% in January.

The numbers confirmed market concerns that emerging markets are cooling, especially China, which consumes about 40% of the world's copper supply.

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