DHAKA: Gold held near its strongest level in four months on Tuesday after Russia’s military intervention in Ukraine prompted safe-haven buying as investors trimmed assets perceived as riskier such as equities.

But bullion may need help from the physical market as it struggles to sustain gains after prices broke a key resistance of $1,350 an ounce.

The metal has risen more than 12 percent this year, having shed 28 percent in 2013 on the prospect of a global economic recovery.

Cash gold was little changed at $1,350.04 an ounce by 0306 GMT after rising 2 percent to touch $1,354.80 on Monday, its strongest level since late October, gulfnews.com publishes this report on Tuesday.

‘I think investors may be pretty cautious. They already bought gold yesterday and the day before. Jewellers came to buy very small amounts of gold today,’ Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong ‘Sentiment is of course a little bit bullish from here’, said Leung, referring to support from the escalating tensions in Ukraine.

US gold was steady at $1,350.80 ounce.

BDST: 1442 HRS, MAR 04, 2014