Gold prices were steady near an eight-month high on Tuesday, as heightened tensions between Russia and the West over Ukraine prompted investors to shun riskier assets and opt for safe-haven bullion.
Spot gold was steady at $1,869.46 per ounce by 0812 GMT, after hitting its highest level since June 11 at $1,879.48 earlier. U.S. gold futures rose 0.5% to $1,878.00.
Due to the Ukraine crisis, gold is supported through the inflation channel because of higher crude oil prices and through the risk aversion channel because of lower stocks, said Stephen Innes, managing partner at SPI Asset Management.
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