Frank Tang and Clara Denina
April 24, 2014

Gold rose on Thursday as rising geopolitical tensions and options-related buying helped reverse the precious metal’s early sharp losses after it fell to a 2-1/2 month low.

Credit: tao_zhyn / Flickr
Credit: tao_zhyn / Flickr

Bullion prices were underpinned after Ukrainian forces killed up to five pro-Moscow rebels as they closed in on the separatists’ military stronghold in the east.

Gold rose as much as 1.1 percent to near $1,300 an ounce near 10 a.m EDT (1400 GMT), with U.S. gold futures logging more than 20,000 lots in a 10-minute period, or about 20 percent of volume at the time, when Russia said it launched army drills near the border in response, raising fears that its troops would invade.

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