from Gold Core:
Gold is trading near the April highs and is 3% higher this week and on track to post its best week in two months. Investors piled into bullion while selling U.S. government debt and the dollar on concerns about the slowing U.S. housing market, slowing economic growth, rising inflation and geopolitical risk.
Escalating violence in Iraq and tension in Ukraine boosted haven demand. Fighting between Ukrainian troops and insurgents ended the very brief cease-fire. NATO condemned Russia for massing soldiers on the two nations’ border. Russia says it isn’t concentrating troops along the Ukraine border, just strengthening security.
The situation in Iraq has deteriorated leading to deepening tensions in the region and oil prices steadily marching higher. There are also concerns that commodities collateral fraud in China could lead to a scramble for physical metals – both base and precious metals.
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