Gold traded above the psychological $1,300 barrier yesterday as the ongoing violence in the Ukraine boosted gold’s appeal as the ultimate safe haven asset.
Russian Foreign Minister, Sergei Lavrov, believes Ukraine is sliding dangerous towards civil war as the west continues to blame Russia for the ongoing violence. Gold is up over 8% this year largely due to the ongoing tension in the east of the Ukraine.
Palladium prices have been boost by supply disruptions in South Africa and increasing concerns that economic sanctions against Russia could further restrict supplies. Palladium is currently trading at $823.13 per ounce.
Silver dropped 0.3% overnight to $19.72 per ounce and platinum increased 0.5% to $1,486.00 per ounce.