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Gold Price Surges As President Obama Meets Ukraine PM Posted March 13th, 2014
Los Angeles CA, Mar 13 (Tangible Investments) - by James O’Dell - Precious metals prices rose on Wednesday, with Gold climbing $17.28 or 1.28 percent to close at $1,366.20 an ounce, as the dollar hit a 30 month low versus the euro, while the yellow metal pushed to 14 percent its gains so far in 2014, with much of it coming on the escalating political tension between the U.S. and Russia over Ukraine. Silver tracked gold higher, adding $0.43 or 2.06 percent to close at $21.31 an ounce.
President Obama's meeting with Ukraine’s Prime Minister Arseniy Yatsenyuk on Wednesday was a demonstration of U.S. support for the interim government in Kiev before the March 16 referendum in Crimea that could result in the peninsula region of Ukraine joining Russia. The U.S. and most of Europe consider the vote to be illegitimate.
The European Union (EU) stepped up against Russia's aggression when it agreed on Wednesday to a framework of sanctions against Russia for its incursion into Crimea. It was the first time sanctions have been used by the EU against Russia since the Cold War, and it was a much stronger response than expected, as it established its solidarity with the White House.
The leaders of the Group of Seven economies already communicated to Russia on Tuesday to stop working on the referendum and "cease all efforts to change the status of Crimea" or face action. The U.S. position on Ukraine argues that in the aftermath of President Yanukovych leaving the country, the parliament, the Rada, acted to fill the void by installing a new government, and since all parties had input in the process, including former President Yanukovych's party, it's valid.
The Ukraine crisis has escalated into the biggest confrontation between Russia and the West since the Cold War, and it has investors increasingly turning to Gold as a safe-haven asset.
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