WASHINGTON (dpa-AFX) – Safe-haven bids triggered by the recent escalation of tensions between Russia and Ukraine helped gold extend gains for the fourth straight day. Prices of the yellow metal rose on Thursday, overcoming a stiff challenge posed by dollar strength attributed to fading expectations for aggressive rate cuts by the Fed.

Spot gold and gold futures added to Wednesday’s gains.

Gold futures for December settlement rose 0.58 percent overnight to trade at $2,667.20, up from a previous close of $2,651.70.

The day’s trading range was $2,651.60 to $2,676.15, compared to 52 weeks of trading between $1,979 and $2,801.80.

Gold futures gained 3.6 percent last week, but slipped 2.98 percent over the past month. Since the start of the year, however, the yellow metal has increased by 28.7 percent. The price increase over a 3-year horizon is more than 47 percent.

Spot gold added 0.59 percent overnight to trade at $2,665.97 per troy ounce. The day’s trading range is between $2,648.95 and $2,673.55. Spot gold ranged between $1,973.09 and $2,790.41 over the past 52 weeks.

At current prices, gold futures and spot gold have both gained more than 32% over the past year.

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