Gold prices peak at $1,329 an ounce

Gold on rise as financial safe haven due to demand as well as indications from US Federal Reserve and China

Gold on rise as financial safe haven due to demand as well as indications from US Federal Reserve and China

ISTANBUL –  Gold prices on Monday reached their highest point in the last three weeks.

Gold, traditionally seen as a safe investment, reached $1,329.93 ounce at 0900GMT on Monday, some of the demand due to rising tension between Russia and Western powers over Ukraine. The last time prices were at these levels was March 24.

Gold prices started moving up from $1,275 as tensions rose in Ukraine. Additional factors include China's announcement of a new package to revitalize the economy and the lack of indications from the U.S. Federal Reserve Board over possible near-term interest rate hikes.

Gold prices started at $1,318.43 per ounce on Monday morning and reached $1,330, which analysts describe as a strong resistance point where markets may react and start to sell gold, although analysts stress that as long as prices remain over $1,320, the upward trend will likely continue and prices could reach $1,350.

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