Gold prices climb as tensions over Ukraine intensify
Tuesday, 11 March 2014 01:00
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Reuters: Gold recovered from early losses to edge higher on Monday as support from the standoff in Ukraine offset pressure from last week’s strong U.S. payrolls data and weakness in other commodities after a sharp drop in Chinese exports.
Russian foreign Minister Sergei Lavrov told President Vladimir Putin on Monday Russia’s position on Ukraine was at odds with the West, and that U.S. Secretary of State John Kerry had declined an invitation to visit Russia for further talks. Russian news agency Interfax earlier quoted a Ukrainian base commander as saying Russian troops opened fire during the takeover of a Ukrainian military post in Crimea.
Spot gold was up 0.2% at $1,342.60 an ounce at 1214 GMT, while U.S. gold futures for April delivery were up $4.70 an ounce to $1,342.90.
The precious metal fell as low as $1,328.86 in earlier trade, extending a 0.8% drop it made on Friday after U.S. payrolls data beat forecasts, suggesting the Federal Reserve’s stimulus tapering efforts will stay on course.
