Gold at $1350 on Demand for Safe Assets

Gold settled more than 2 percent higher on Monday as escalating tensions between Ukraine and Russia bolstered demand for assets perceived to be relatively safe, hitting riskier investments such as equities.

Cash and U.S. gold futures hit four-month highs, while safe-haven currencies were also in vogue, with the Swiss franc touching its highest in over a year against the euro and the yen rising to a one-month peak versus the dollar.

Global equities fell and crude oil gained $2 a barrel as the United States threatened to isolate Russia economically in Moscow’s biggest confrontation with the West since the Cold War.


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