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Gold Hits Three Week High On Ukraine Crisis
Posted April 14th, 2014
Los Angeles CA, Apr 14 (Tangible Investments) - by James O’Dell - Gold hit a three week high of $1,328.88 an ounce in overnight trade after easing $0.41 or 0.03 percent on Friday to end the week at $1,317.27 an ounce for a second straight weekly gain, as escalating tensions in Ukraine turned violent over the weekend while global equity markets continue to slide, boosting gold's safe-haven appeal. The price of Silver dipped $0.05 or 0.25 percent on Friday to finish the week at $19.98 an ounce.
Gold remains one of the year's best performing assets, having rallied 11 percent so far in 2014. Robust demand continues from both China and India, and now with tensions building between the West and Russia the market is seeing an increase in safe-haven demand. The U.N. Security Council held an urgent session on Sunday evening to discuss the deepening crisis in Eastern Europe as Ukraine blamed Russia for instigating the turmoil in its cities.
Russia's ambassador to the United Nations, Vitaly Churkin, said however, that "It is the West that will determine the opportunity to avoid civil war in Ukraine," as he called for national dialogue. The U.S. ambassador to the United Nations, Samantha Power, called the Slaviansk attacks "professional" and "coordinated," and compared them to Russia's incursion into the Crimean Peninsula last month. "There's nothing grass-roots seeming about it," added Power, on ABC's "This Week," on Sunday.
"I think we've seen that the sanctions can bite. And if actions like the kind that we've seen over the last few days continue, you're going to see a ramping up of those sanctions," said Power. The next round of sanctions by the West will reportedly target Russian businesses in the mining, banking and energy sectors. Investors are “concerned that Russia may add a little bit more to its territory or is in the process of attempting to,” said David Lennox, of Fat Prophets. “That’s the driving factor.”
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