Gold jumps 1% as Ukraine conflict escalates; platinum hits 3-month peak

Ukraine, Russia-backed rebels trade accusations of shelling

Gold jumped more than 1 per cent on Thursday, as Russian news reports of a mortar fire in eastern Ukraine led investors towards safe-haven assets, while dovish signals from US Federal Reserve’s (Fed’s) minutes of meeting also underpinned bullion.

Spot gold climbed 1.2 per cent to $1,890.95 per ounce as of 0942 GMT, after hitting its highest since June 11 of $1,892.91 earlier. US gold futures also gained 1.2 per cent to $1,893.6.

"Gold benefited from renewed tensions in Eastern Europe. Palladium is likely to move in a similar way, but the moves are driven by supply concerns, while gold benefits from