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Gold is currently on an upward trend. The gold price reached a two-week peak and is showing its first weekly consecutive rise since April. The demand for gold as a safe haven is increasing due to concerns that the U.S. recovery is not happening and the escalating violence in Iraq.
Gold has risen 5.8 percent this year, partly due to tensions between Ukraine and Russia. "Gold is rising as equity markets fall, increasing the appeal of precious metals as an alternative investment and as a safe haven as tensions rise in Iraq," said Lachlan Shaw, an analyst at Commonwealth Bank of Australia.
