Gold futures rise as investors seek safe-haven assets

Sydney-Australia (Mar 23)  Gold futures finished higher, halting a four-session losing run, as the dispute between Russia and the West over Ukraine escalated, increasing demand for a haven.

April gold added 0.4 percent to end at $1,336 an ounce on the Comex division of the New York Mercantile Exchange. Based on the most-active contracts, prices lost 3.1 percent on the week, the largest weekly loss since the week ended Nov. 22.

Russia completed its annexation of Crimea as the European Union signed a political accord with Ukraine, and President Barack Obama yesterday expanded U.S. financial sanctions against Russian officials and businessmen.

Gold dropped in the previous four days, partly on Federal Reserve Chair Janet Yellen’s forecast for rising U.S. interest rates.

In other metals, May silver surrendered 0.6 percent to close at $20.31 an ounce, down about 5.2 percent for the week, which was the biggest weekly loss since the week ended Sept. 13.

Palladium prices, meanwhile, closed at a level not seen in more than 2 years with the rally linked to worries about risks to Russian supplies of the metal.

April platinum tacked on 0.1 percent to $1,436 an ounce, but was still down 2.3 percent on the week.

May high-grade copper ticked up 0.8 percent to $2.95 a pound. Prices closed around the same level a week ago.

Source:  Proactive-Investors