Gold near 16-week high as Ukraine weighed against demand

LONDON: Gold today traded near a 16-week high as investors weighed turmoil in Ukraine against the outlook for slowing bullion demand at higher prices.

Gold lost 0.1 per cent to $1,335.83 an ounce. It reached $1,340.04 earlier today, the highest since October 31. Silver also fell 0.5 per cent to $21.86 an ounce.

Ukraine's acting president, Oleksandr Turchynov, told parliament he expects lawmakers to vote today on a national unity government led by a prime minister people would trust, following violence last week that killed at least 82 people in central Kiev.

After slumping the most since 1981 last year, gold is set for the first back-to-back monthly increase since August as data that trailed estimates fueled concern the US recovery may be faltering.