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Gold up on weaker dollar, Russian tensions

Gold prices rose for a third session on Tuesday as the dollar languished near a five-week low, as investors eyed rising tensions between Russia and the West even as a U.S.-China trade spat appeared to ease.

Spot gold XAU= edged up 0.1 percent to $1,354.51 per ounce at 0446 GMT, just off Monday’s $1,355.97, the metal’s highest level since Feb. 16.

U.S. gold futures GCcv1 for April delivery were flat at $1,354.60 per ounce.

“Gold prices continue to ratchet higher as the U.S. dollar weakens despite equity markets rebounding on easing concerns about the likelihood of a trade war between China and USA,” Stephen Innes, APAC trading head at OANDA, said in a note.

“Realistically there are plentitudes of market turmoil in the making that continue to make gold the go-to place to hedge risk.”

Against a basket of six other major currencies, the dollar index .DXY was flat at 89.043. The index fell to a five-week low of 88.979 on Monday. USD/

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