Gold prices edge up for the first time in a week

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Associated Press

Posted on April 23, 2014 at 1:01 PM

Updated Wednesday, Apr 23 at 1:05 PM

Gold prices are settling higher for the first time in a week as tensions between Russia and Ukraine give the precious metal some support.

Russia warned Wednesday that it would mount a firm response if its citizens or interests come under attack in Ukraine. Separately, Dutch, British and Danish fighter jets scrambled Wednesday afternoon after a pair of Russian bombers approached their airspace over the North Sea.

Traders said that the news was drawing money into gold, often used as a refuge during bouts of turbulence. Gold for June delivery rose $3.50 to settle at $1,284.60 an ounce.

Other metals also settled with slight gains. Platinum for July increased $3.60 to $1,403.90 an ounce, and palladium for June rose $2.35 to $786.00 an ounce.

Trading in agricultural contracts was mixed.

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