Gold advances on technical support

Gold climbed for a second day as a technical indicator signalled further advances and investors weighed demand for a haven amid tensions in Ukraine.

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Bullion for immediate delivery rose as much as 0.4% to US$1,315.81 an ounce and was at $1,315.14 at 2.29pm in Singapore (1.29pm Thai time). Prices fell to $1,305.02 on Tuesday, the lowest since Feb 14, before closing 0.2% higher. Gold for June delivery advanced 0.3% to $1,315.60 on the Comex.

Gold held above its 200-day moving average at $1,296.83 an ounce on Tuesday, signalling support to some investors. Prices climbed 9% this year on signs of a faltering global economy, whiled Russia's annexation of Crimea sparked the most serious confrontation with the West since the Cold War.

''The 200-day moving average is just under $1,300 an ounce, so on a technical basis its likely to be supported,'' Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd, said by phone from Singapore. Ukraine and Russia was providing a bit of a safe-haven bid.

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