Tensions between Russia and Ukraine, Gold Prices Higher
Gold prices settled higher for the first time in a week as tensions between Russia and Ukraine give the precious metal some support.
Russia warned Wednesday that it would mount a firm response if its citizens or interests come under attack in Ukraine. Separately, Dutch, British and Danish fighter jets scrambled Wednesday afternoon after a pair of Russian bombers approached their airspace over the North Sea.
“The situation is looking dicey,” said Phil Streible, senior commodity broker at RJ O´Brien & Associates in Chicago.
Traders said that the news was drawing money into gold, which is often used as a refuge during bouts of turbulence. Gold for June delivery rose $3.50 to settle at $1,284.60 an ounce.
The last time gold ended the trading day higher was April 16, when it settled at $1,303.50 an ounce. The next day, Ukraine and Russia agreed on tentative steps to calm unrest along their shared border. But pro-Russian forces have yet to leave the government buildings they occupy in cities throughout eastern Ukraine.