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Gold ends higher; boosted by China, Ukraine woes

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Gold settled higher on Tuesday as fears of an economic slowdown in China and Ukraine's geopolitical crisis keep investors seeking safe-haven bullion.

In a sign of investor confidence in the precious metal amid global uncertainties, the world's biggest bullion-backed exchange-traded fund saw its largest inflow in a month on Monday.

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Traders expect the metal to be well supported between $1,330 and $1,350, with the next big movement expected from the U.S. Federal Reserve's policy meeting next week.

U.S. gold futures for April delivery settled $5.20 higher at $1,346.70 an ounce, having earlier dropped as much as 0.8 percent.

Meanwhile, spot gold was last up up 0.7 percent to $1,347 an ounce.

"Gold continues to be largely supported above $1,329, and while prices are unlikely to break above $1,361.60 in the absence of war, underlying support from the Ukrainian crisis ... is likely to keep prices elevated above $1,320 for an extended time," said Joyce Liu, an analyst at Phillip Futures.

(Read more: Why traders want to be long gold into the weekend)

Gold traders are watching developments in the Ukraine crisis, over which the West and Russia are facing their worst stand off since the Cold War.

Weak Chinese exports data for February is also making investors opt for safe-haven gold rather than equities.

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GOLD
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