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Los Angeles CA, Feb 25 (Tangible Investments) - by James O’Dell - Gold and silver rose to four month highs on Monday, with Gold gaining $12.07 or 0.91 percent to close at $1,336.00 an ounce, as investors concerns continued to grow over the weak economic data in the U.S., and slowing economic growth in China. The price of Silver rose $0.09 or 0.41 percent to close at $21.93 an ounce after hitting its highest since Oct. 31 at $22.16 an ounce earlier in the day.

"Fears about economic conditions in China and the U.S. are driving investors back into gold," says Peter Fertig, of Quantitative Commodity Research. "The drivers for gold have not changed much ... The U.S. data has continued to be on the weak side, the dollar has been a bit under pressure again," said Georgette Boele of ABN Amro. Many investors are seeking the safety of bullion as tensions remain on high now that Ukraine has appealed for international aid after the fall of President Viktor Yanukovich.
 
Acting Ukraine President Oleksander Turchinov warned that the nation was "heading into the abyss," and close to defaulting. "The situation in Ukraine and crude oil's gains are helping gold's rally," said Frank McGhee, of Alliance Financial LLC. Brent crude oil prices are climbing after production outages in Libya and South Sudan and it's underpinning the inflation hedge appeal of gold. In dollar terms, gold has gained more than 11 percent this year, it's up 10 percent in terms of the euro and 9.1 percent in the pound.
 
Much of the increase in the gold price is due to a renewed interest in safe haven demand. "Gold looks likely to break out above $1340 in the coming days," says Jonathan Butler of Mitsubishi. "An increase in speculative net length [in gold futures] in the past week is currently keeping gold well supported," added Butler.
 
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