WASHINGTON (dpa-AFX) - Gold prices extended gains on Tuesday amidst escalation in tensions between Ukraine and Russia that boosted safe haven demand for the yellow metal. Rate cut expectations from the Fed, the easing in bond yields and a pause in the Dollar's rally also supported the sentiment for the precious metal.
Both Spot Gold and Gold Futures added to Monday's gains. The yellow metal had witnessed a rebound on Monday after more than a week of weakness triggered by the resurgence in the U.S. dollar and the spike in bond yields that followed Donald Trump's resounding electoral victory and hawkish hints from the Federal Reserve Chair Jerome Powell.
Gold Futures for December settlement has rallied 0.74 percent overnight to trade at $2,634.00, versus the previous close of $2,614.60.
The day's trading range has been between $2,614.35 and $2,7643.30 as compared with the 52-week trading that ranged between $1,979 and $2,801.80.
Gold Futures has gained 1.4 percent in the past week but has slipped 2.8 percent over the past one month. On a year-to-date basis, however the yellow metal has rallied 27.5 percent. The price surge over the 3-year horizon is more than 42 percent.
Spot Gold added 0.84 percent overnight to trade at $2,633.86 per troy ounce. The day's trading range has been between $2,610.45 and $2,639.49. Spot Gold had ranged between $1,973.09 and $2,790.41 over the past 52 weeks.
At current prices, Gold Futures and Spot Gold have both gained more than 32 percent over the past year.
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