LONDON: Gold rose for a third straight session on Thursday as tensions between Ukraine and Russia increased and equity markets fell, but the rebound could be short-lived.

Gold rose as much as one per cent and was up 0.7pc at $1,291.70 an ounce by 1409 GMT, heading for its first weekly gain in three. It has traded in a narrow range in the past few weeks of just under $50 an ounce, the narrowest since August 2009. US gold futures rose $9.40 an ounce to $1,292.80.

Spot platinum rose 1pc to $1,424.75 an ounce, while spot palladium was up 0.6pc at $894.00 an ounce. The world’s second-biggest platinum producer Impala Platinum posted a 74pc drop in full-year earnings on Thursday.

Published in Dawn, August 29th, 2014