Los Angeles CA, August 26 (Tangible Investments) - by James O’Dell - The Gold price jumped more than one percent in overnight trade after sliding $4.80 or 0.37 percent on Monday to close at $1,276.55 an ounce following a round of weak U.S. economic data and as fears of a Fed rate hike take a back seat to increasing geopolitical concerns. Silver eased $0.08 or 0.41 percent to close at $19.37 an ounce, while the Gold/Silver ratio inched higher to 65.90.
Gold rebounded sharply on bargain hunting and safe-haven buying, as tensions continue to deepen between Russia and Ukraine after a group of Russian soldiers were captured in eastern Ukraine, having crossed the border purportedly "by accident," according to Russian military sources. The latest incursion comes as Ukraine's Petro Poroshenko and Russia's Vladimir Putin are set to meet at a summit in Minsk in Belarus on Tuesday.
The Ukrainian military released video interviews of some of the 10 captured Russian paratroopers, one who is quoted as saying "this is not our war." The conflict between Ukrainian forces and pro-Russian separatists in the Donetsk and Luhansk regions has caused more than 2,000 casualties in the recent months of fighting.
In the Middle East, after the cease-fire in the Gaza Strip ended last week the casualties are mounting once again, mostly Palestinians, and the number of innocents killed in Gaza may have passed the number killed in Ukraine. In Iraq, it looks like the squadron of U.S. drones and bombers may have moved in for an extended stay.
With Islamic State (IS) fighters now controlling an area of Iraq and Syria at least as large as the United Kingdom, the U.S. may soon be flying sorties in Syria to help stop an organization now deemed a threat to U.S. interests. The public execution of James Foley, the American journalist captured and killed by IS as a warning for the U.S. to back off its air attacks, may have sealed its fate.
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