Gold advanced to the highest in more than four months as escalating tension between Russia and Ukraine boosted demand for a haven. Silver climbed.
Ukraine said Russia’s navy ordered two of its ships in Crimea to surrender amid the worst standoff between the West and Russia since the end of the Cold War. U.S. Secretary of State John Kerry is traveling to Kiev today and European Union foreign ministers discussed sanctions against Russia.
Prices rebounded 12 percent this year after the biggest slump in more than three decades in 2013 as unrest in Ukraine and signs of slower global economic growth boosted demand for a store of value. Bullion is the third-biggest gainer in 2014, after coffee and lean hogs, on the Standard & Poor’s GSCI Spot Index of 24 commodities.