The Traderszone Network

Published in TZ Latest News 15 August, 2014 by The TZ Newswire Staff

Gold on track for second weekly gain on safe-haven demand

Gold traded firmly above $1,300 an ounce on Friday and looked poised for a second-straight weekly gain as sluggish global economic data and geopolitical tensions boosted the metal’s safe-haven appeal. Tensions over Ukraine and in the Middle East also boosted gold, seen as an alternative investment to riskier assets such as equities. Some weak data in the last few days is also helping,” said a precious metals trader. Spot gold edged up 0.1 percent to $1,314 an ounce by 0629 GMT, after closing little changed in the previous session.