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Gold On Pace For Largest Monthly Gain In Seven Months Posted February 28th, 2014
Los Angeles CA, Feb 28 (Tangible Investments) - by James O’Dell - Gold and silver prices rebounded on Thursday with gold gaining $2.09 or 0.16 percent to close at $1,331.20 an ounce, as gold remains on pace for its biggest monthly gain in seven months while the dollar eased on weak durable goods orders for January. Silver rose $0.08 or 0.38 percent to close at $21.27 an ounce. Platinum rose 0.1 percent to $1,447.99 an ounce and palladium advanced 0.2 percent to $739.60 an ounce.
Precious metals prices continue to climb on concerns that the U.S. economy is losing traction as well as the escalating unrest and talks of secession in Ukraine. Ukrainian Interior Minister, Arsen Avakov, reported early Friday that an "armed invasion" by Russian forces had taken control of two airports in the Crimean Peninsula region of Ukraine.
Ousted Ukrainian President Yanukovych, is reportedly in Russia, after authorities there accepted his request for security, Yanukovych is expected to give a news conference on Friday in southwestern Russia, near the border with Ukraine.
U.S. Defense Secretary Chuck Hagel issued a warning on Thursday against provocations from any party, while Russia plans to continue its military maneuvers on Ukraine's border. "I'm closely watching Russia's military exercises along the Ukrainian border," said Hagel. "I expect Russia to be transparent about these activities, and I urge them not to take any steps that could be misinterpreted or lead to miscalculations."
Meanwhile, the Chinese currency, the yuan, saw its sharpest single day decline against the U.S. dollar in nine years on Friday. The falling yuan makes it more expensive for investors in China to buy gold, so it's adding a bit of pressure to the yellow metal.
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