Gold rises on safe-haven demand

Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday to the highest level since April 17 on safe-haven demand.

The most active gold contract for June delivery rose 6 dollars, or 0.47 percent, to settle at 1,290.6 dollars per ounce.

Tensions between Ukraine and Russia have risen again as Russia planned to launch military exercises near the Ukrainian border in response to clashes in which at least five pro-Russian activists were killed, lending support to gold.

Economic data released Thursday were mixed. U.S. Labor Department reported that the initial jobless claims jumped by 24, 000 to a seasonally adjusted 329,000 in the seven days ending April 19, the highest level in April; and U.S. Commerce Department said orders for durable goods jumped 2.6 percent in March, the biggest gain in four months, which signaled a pick-up in economic growth.

Considering deteriorating situation in Ukraine, market analysts predict that gold price may keep rising in the coming weeks to be back above the 1,300-dollar level.

Silver for May delivery rose 25 cents, or 1.29 percent, to close at 19.688 dollars per ounce. Platinum for July delivery gained 5.7 dollars, or 0.41 percent, to close at 1,409.6 dollars per ounce.