Gold Rises to Three-Week High on Haven Demand Amid Ukraine Havoc

(Before It's News)

by Luzi Ann Javier
Bloomberg.com

Gold futures rose to the highest in almost three weeks as escalating tensions between Ukraine and pro-Russian separatists boosted haven demand.

Ukrainian troops seeking to push back pro-Russian separatists in the city of Slovyansk suffered casualties in a firefight as violence spread from the eastern industrial heartland to the Black Sea gateway of Odessa. Ukrainian Acting Prime Minister Arseniy Yatsenyuk said in a BBC interview that the conflict is turning into a “real war.”

Through May 2, gold advanced 8.4 percent this year as the conflict prompted traders to unwind bets on price declines. Ukraine’s presidential election is driving another rift between Russia, the European Union and the U.S. as Vladimir Putin’s government questions the legitimacy of the May 25 vote.

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