Gold climbed up yesterday as markets await developments in the ongoing Russian standoff in the Ukraine. Ongoing geopolitical tensions in Ukraine bolstered gold’s appeal as a hedge on Monday. Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions, which boosted gold prices. The gold price continues to trade firm in contrast to the decline in oil and industrial commodities as concerns of global economic weakness weigh heavy. On top of this, the situation in Ukraine is providing an underlying support to safe haven demands for gold as the country plunges into a state of lawlessness. Today Gold has support of 1322.00 and resistance of 1352.00
March 11, 2014 – Commodities News
Hot Asset For Today: Gold
Gold climbed up yesterday as markets await developments in the ongoing Russian standoff in the Ukraine. Ongoing geopolitical tensions in Ukraine bolstered gold’s appeal as a hedge on Monday. Russia remained at odds with the West on how to end the standoff in Ukraine, while U.S. Secretary of State John Kerry declined an invitation to visit Russia for further discussions, which boosted gold prices. The gold price continues to trade firm in contrast to the decline in oil and industrial commodities as concerns of global economic weakness weigh heavy. On top of this, the situation in Ukraine is providing an underlying support to safe haven demands for gold as the country plunges into a state of lawlessness. Today Gold has support of 1322.00 and resistance of 1352.00
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