Gold reaches 3-week high as tension mounts in Ukraine
Victoria Hewitt-Marsh, News Editor
14 Apr 2014, 10:15 a.m.
The gold price is at its highest level in 3 weeks as political tension in the Ukraine continues to escalate. During Asian trading gold surged 0.9% to $1,329.92 per ounce, its highest level since the 24th of March.
Following a disappointing 2013, the gold price has risen 11% this year as the world’s major economies stutter and political events continue to unfold in the Ukraine.
The United Nations Security Council called an emergency meeting over the weekend to discuss the latest violence involving pro-Russian gunman and Ukrainian security forces in the east of the country.
Both the U.S. and the Ukrainian governments have accused Moscow of being behind the violence in Ukraine, raising the potential for further sanctions.
According to David Lennox, analysts at Fat Prophets in Sydney, the events in Ukraine are boosting the gold price, with investors concerned that Russia may enter eastern Ukraine in an attempt to increase its territory.
Silver increased 0.5% to $20.93 per ounce, palladium rose 1.3% to $813.25 per ounce and platinum climbed 0.7% to $1,468.38 per ounce.