26.06.201403:45:51UTC+00Demand for safe assets sets up gold for quarterly gain

Gold is on its way to record back to back quarters where it has seen its value appreciate prompted by crisis development around the world. The last time it recorded gains in two consecutive quarters was in 2011.

Each ounce of gold bullion with immediate deliveries was worth $1,318.30 near the start of trading hours in Singapore yesterday while August futures in the Comex market were priced at $1,319 showing a slight drop of 0.3%.  The precious metal achieved its highest price in three months this week when it hit $1,325.95.

The demand for gold advanced behind global tensions arising from both Europe and the Middle East. With tensions between Ukraine and Russia persisting and an Islamist insurgency spreading across Iraq, investors sought out more stable venues for their money.

However, according to analysts, gold’s current trend is still uncertain at the moment especially when the improvements in the US economy is put in the picture. While it was revealed that the world’s largest economy suffered more in the first quarter than what previous figures showed, other indicators of its market conditions point towards a renewed strength enough to make a stable recovery for the rest of the year.

Meanwhile, other precious metals on the market fell in value today. After achieving it’s largest monthly gain in almost a year, an ounce silver dropped by 0.3% to $20.974. Similarly, platinum fell to $1.468.38 showing a drop of 0.3% after reaching as high as $1,474.70 yesterday, but is still on track for an increase this quarter.