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Gold rises as tension builds in the Ukraine

Peter Walden, News Editor
29 Aug 2014, 9:58 a.m.

The gold price rose yesterday as tension builds between Russia and the Ukraine over the apparent deployment of Russian troops in the east of the Ukraine.

The gold price rose over 1% at one point after Ukrainian President said Russian soldiers has entered the East of his country. NATO also announced they had evidence that over 1,000 Russian soldiers had illegally entered Ukrainian territory. The U.S. government also accused Russia of supplying military hardware to the rebels. Russia strongly denies all the claims.

Gold responded positively to the news as equity markets in Europe fell and dollar softened against a basket of major currencies.

Gold is currently trading at £775.75 per ounce, silver £11.75 per ounce, platinum £859.26 per ounce and palladium £539.41 per ounce.

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