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Gold higher as Ukraine tensions rise

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Gold moved higher again as tensions in the Ukraine and other geopolitical hotspots rose again. 

A Russian humanitarian convoy heading for the embattled country was refused entry as the US expressed concern it might be the pretext for a Russian invasion of the east of the country.

Russia has reportedly more than 40,000 troops on the border with Ukraine and western governments fear that guaranteeing safe passage for the convoy will be used as a justification for them to cross the border.

Spot gold climbed US$8 to US$1,317, as signs that the crisis in the Ukraine was also beginning to affect economies across Europe.

Investor morale in Germany has fallen to an 18-month low, though the rise in the dollar against the euro works against the gold price which traditionally moves in the opposite direction to the US currency.

Commerzbank today said the gold price appears comparatively robust in view of the strong equity markets, the firm US dollar and rather muted physical demand of late.

In euro terms the price is €980 per troy ounce, noticeably higher than the beginning of the month, while in dollar terms, gold has climbed by more than 9% this year.

Silver was also in demand, rising above US$20 again at US$20.07, while the platinum price gained US$4 to US$1,470.

Major movers

Randgold Resources up 45p at 5,120p

Fresnillo up 6p at 1,028p

Anglo American down 24p at 1,578p

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