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Los Angeles CA, Apr 15 (Tangible Investments) - by James O’Dell - Gold reached a three week high on Monday, gaining $8.98 or 0.68 percent and closing at $1,326.35 an ounce, while geopolitical tensions heightened in Eastern Europe causing the West, in concert with NATO, to urge Russia to help in de-escalating the crisis by pulling its troops from Ukraine’s borders. Silver eased a modest $0.03 or 0.15 percent to close at $19.95 an ounce.
 
“Insecurity in Ukraine is written and choreographed by Russia,” said U.S. Ambassador to the UN, Samantha Power, in her speech to the U.N. Security Council on Sunday night. “The U.S. stands with Ukraine and the fundamental principle that the future of Ukraine must be decided by the Ukrainian people.”
 
A recent CNBC weekly sentiment survey showed that despite the recent volatility in the gold price, with the crisis in Ukraine heating up, and an expected pullback in U.S. equities, gold's price will be pushed higher. "I think the need to have some gold in investment portfolios for safety is now more than ever," said Phillip Streible, of RJ O'Brien.
 
"Gold is bullish at these levels," said Rich Ilczyszyn, of iiTrader. "Gold found major support around the 100-day average of $1,280. Now with a consistent close above $1,300 (the 200-day moving average), the market is poised to move higher," said Ilczyszyn. "A lot of people don't necessarily trust the stock market at the moment," he added.
 
Not only is a shaky outlook for U.S. equities boosting gold demand, but also expectations that the Fed is  in no hurry to raise interest rates in the near future. "The Fed's latest interest rate meetings not only indicate that rates will stay low but that any eventual rise will be tapered, measured and quite gradual," said Scott Carter, of Lear Capital. "Clearly gold has been responding to this accommodative tone."
 
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