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Gold is rising supported by technical factors and a demand for safe investment

UNITED STATES (OBSERVATORY) –¬†Gold prices rose to a one-week high on Wednesday, supported by technical and precious metal demand for safe investment, as the dollar clung to gains and stock markets rallied as risk appetite improved.

Spot gold rose 0.1 percent to $ 1,348.35 an ounce late in the session after touching the highest level since April 11.

US gold futures for June delivery rose 0.3 percent to settle at $ 1353.50 an ounce.

“Gold has rallied supported by a demand for safe investment and a general rise in the commodities market,” said George Giro, managing director at RBC Wealth Management. “Concerns about US sanctions on Russia are continuing.

Gold prices rose to $ 1365.23 an ounce last week, the highest level since January 25, as tensions over Syria and US sanctions on Russia mounted.

Among other precious metals, spot silver jumped 2.5 percent to $ 17.17 an ounce after hitting its highest since February 1 at $ 17.26.

Platinum rose 0.56 percent to $ 941.00 an ounce, after hitting a three-week high of $ 948.70.

Palladium rose 2.6 percent to $ 1,033.50 an ounce, after jumping to $ 1,046.20, the highest level since Feb. 28.