2 Factors Pushed Gold To Its Highest In 6 Months

NEW YORK . Gold futures world last night in New York soared to its highest level in 16 weeks. Based on data from Bloomberg , at 13:43 pm in New York , gold futures for April delivery rose by 1.1 % to U.S. $ 1,338 per troy ounce on the Comex in New York . Even on previous transactions , the same contract price was perched at U.S. $ 1339.20 per troy ounce . This is the highest level for a most-active gold contract since Oct. 31 .
There are several causes of rising gold prices . First , there is speculation that U.S. economic growth slows further . Second , political upheaval in Ukraine will hoist the level of demand for gold as a safe haven .
" There is a safe-haven buying due to signal continued slowdown in the U.S. economy . Moreover , there is also concern about the conditions in Ukraine , " said Tom Power , a senior commodity broker RJ O'Brien & Associates in Chicago .
The same thing also expressed by Bernard Sin , head of currency and metal trading at MKS SA Geneva . "The market is just reacting to negative U.S. data . Too little tense political situation . , There is speculation investors will turn to gold as a haven asset dafe , " he explained .