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Tensions between Russia and Ukraine, Gold Prices Higher

Tensions between Russia and Ukraine, Gold Prices Higher

Tensions between Russia and Ukraine, Gold Prices Higher
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.

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