by Christopher Freeburn | March 11, 2014 4:33 pm
Gold posted a modest gain on Tuesday as investors sought a safe haven amid growing concerns about China’s economic growth and the standoff between Russia and the West over Ukraine.
On Monday, China posted its first monthly trade deficit in two years. In February, Chinese exports dropped 18.1% year-over-year, largely due to a plunge in steel shipments to North America and Europe. The report renewed fears over the strength of the Chinese economy. In Ukraine, no diplomatic resolution of the Russian occupation of Crimea appeared in sight as Russian forces continue to consolidate their control of the peninsula.
Gold futures for April delivery climbed 0.4% to $1,346.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,353 and as low as $1,337.80. Bullion closed in London at $1,350, according to BullionVault.
Silver futures for May delivery fell 0.5% to $20.82 per ounce. Tuesday’s high for silver was $21.33, while the low was $20.67.
Metal funds advanced on Tuesday.
Mining ETFs were mixed during the day.
Gold stocks mostly improved on Tuesday.
Silver mining shares pulled back during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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