Gold Climbs on Safe Haven Trades Triggered by Ukraine

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 warned that Russia’s military is strengthening its presence in Crimea amid the worst standoff between the West and Russia since the Cold War ended. U.S. President Barack Obama warned Russia not to intervene and Secretary of State John Kerry is traveling to Ukraine today to offer support as Russian troops occupy the Black Sea region of Crimea.

Prices rebounded 13 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.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza