Gold futures rose to the highest in in more than a week as escalating tension in Ukraine spurred haven demand. Silver advanced.
Ukrainian President Petro Poroshenko pledged to step up the country’s defenses against what he earlier called a “de facto” Russian incursion after after separatists gained ground in eastern regions. The U.S. said Russia may be directing the attacks, and France and Germany threatened President Vladimir Putin’s government with further sanctions.
Bullion has climbed 7.3 percent this year as violence in Eastern Europe and the Middle East revived investor buying. The gains have defied bearish forecasts from banks including Goldman Sachs Group Inc., and gold has outperformed broad measures of commodities, global equities and Treasuries in 2014.