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PRECIOUS-Gold hits fresh six-month highs on Ukraine, China worries
March 14, 2014 / 12:41 AM / 4 years ago

PRECIOUS-Gold hits fresh six-month highs on Ukraine, China worries

SINGAPORE, March 14 (Reuters) - Gold rose to fresh six-month
highs on Friday and was headed for its best weekly gain in four
weeks, buoyed by mounting tensions between Russia and the West
over Ukraine, and worries over an economic slowdown in China.  
        
    FUNDAMENTALS
    * Spot gold rose 0.4 percent to $1,375.26 an ounce by
0020 GMT, after hitting fresh six-month high of $1,375.95. 
    * The metal has gained nearly 3 percent this week, marking
its sixth straight weekly gain. 
    * Russia launched new military exercises near its border
with Ukraine on Thursday, showing no sign of backing down on
plans to annex its neighbour's Crimea region despite a stronger
than expected drive for sanctions from the EU and United States.
    * German Chancellor Angela Merkel warned of "catastrophe"
unless Russia changes course, while in Ukraine a man died in
fighting between rival protesters in a mainly Russian-speaking
city. 
    * Data on Thursday showed China's economy slowed markedly in
the first two months of the year, with growth in investment,
retail sales and factory output all falling to multi-year lows.
 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings rose 2.10 tonnes to
813.30 tonnes on Thursday. 
    * The Bank of England is consulting users of its gold vaults
over a review of its charges for storing and handling bullion, a
source close to the process said. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares skidded to a three-week low and the yen held
steady at lofty levels on Friday, as heightened tension in
Ukraine ahead of a weekend referendum prompted investors to shed
riskier assets. 
    
    DATA/EVENTS (GMT)
    1000 Euro zone Q4 unemployment 
    1355 U.S. University of Michigan sentiment index

    PRICES AT 0020 GMT    
 Metal             Last      Change   Pct chg
                                             
 Spot gold          1375.26     5.27     0.38
 Spot silver          21.24     0.11     0.52
 Spot platinum         1475      3.5     0.24
 Spot palladium      775.72     2.72     0.35
 Comex gold            1376      3.6     0.26
 Comex silver        21.295    0.097     0.46
 Euro                1.3863                  
 DXY                 79.629                  
                                             
 COMEX gold and silver contracts show the
 most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)

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