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Gold Posts Fifth Straight Weekly Gain On Crimean Turmoil
Posted March 10th, 2014
Los Angeles CA, Mar 10 (Tangible Investments) - by James O’Dell - Precious metals prices turned lower on Friday with gold easing $10.53 or 0.78 percent to finish the week at $1,339.47 an ounce, as the precious metal posted its fifth straight weekly gain while the crisis in Ukraine continued to escalate. The price of Silver dipped $0.57 or 2.66 percent to end the week at $20.86 an ounce.
The Commodity Futures Trading Commission (CFTC) reported on Friday that for a fourth week in a row, hedge funds and money managers raised their bullish bets in paper gold (gold futures and options). Exchange traded products (ETPs) are also showing signs of stabilizing, said Barclays.
The bank noted an inflow of 2.4 metric tons into ETPs last week, which saw their first monthly inflow since 2012, just last month. “Without the hefty net outflows, prices are more likely to find better support on the downside,” said Barclays. Analysts blame the sharp decline in gold ETP holdings last year for much of the retreat in the gold price.
Meanwhile, the geopolitical climate in Eastern Europe is heating up, and continues to underpin the price of gold, as rallies turned violent in Crimea on Sunday, just days before a referendum will determine whether Crimea secedes from Ukraine and joins Russia. The German government called the Crimean referendum illegal, and said that it would not be recognized internationally.
Germany's Chancellor Merkel warned that if there continues to be no progress made in negotiations, the European Union (EU) could begin imposing sanctions on Russia, like visa restrictions and asset freezes. Secretary of State John Kerry, cautioned Russia on Saturday to exercise restraint. "He made clear that continued military escalation and provocation in Crimea or elsewhere in Ukraine, along with steps to annex Crimea to Russia, would close any available space for diplomacy, and he urged utmost restraint," said a U.S. official.
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