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Gold traded below the highest level in more than four months as investors weighed the crisis in Ukraine against the outlook for the U.S. economy and slower physical purchases in China, the world’s largest consumer.

Bullion for immediate delivery was at $1,338.40 an ounce at 9:14 a.m. in Singapore from $1,336.90 yesterday, when prices rose 0.2 percent after a private report showed that U.S. companies added fewer workers than projected in February. The metal climbed to $1,354.87 on March 3, the highest since Oct. 30, as tension between Ukraine and Russia escalated.

Gold rallied 11 percent this year as concern that the U.S. recovery may be faltering and unrest in emerging markets including Ukraine boosted demand for a haven. Bullion rebounded from a 28 percent drop last year that was the biggest loss since 1981 even as the Federal Reserve scaled back stimulus. Russian forces occupied the Ukrainian region of Crimea, stoking concern that there may be military conflict between the states.

Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged yesterday for a sixth day, the longest stretch assets have held steady in 13 months. In China, volumes for the benchmark spot contract in Shanghai have been lower over the past six days than the two-week high that was reached on Feb. 25.

(Source: Bloomberg)