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Gold extends rally as Ukraine tensions continue

28th August 2014

Gold futures have advanced for a third successive session in commodities trading markets today (August 28th), climbing as tensions in Ukraine continue and investors prepare for the latest US gross domestic product (GDP) report.

According to as US State Department official, Russia may be leading a counter-offensive by separatist rebels in Ukraine, with fighting across the east of the country now spreading to previously peaceful areas. 

Bullion has also been supported ahead of the publication of a series of American data reports later in the session, including the second reading of the country's second-quarter GDP growth, pending home sales and initial jobless claims.

It is widely expected the Commerce Department will reveal the US economy expanded by 3.9 per cent in the three months to June, down from the original four per cent estimate.

On the Comex division of the New York Mercantile Exchange, gold for December delivery gained 0.79 per cent to $1,293.50 per ounce.

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