International Gold prices top six month high as Ukraine concerns rise

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 14, 2014, 10:48 [IST]

Investors sold into equities and rushed to buy safe haven gold, as tensions escalated around the Ukraine Border.

Spot gold rose to $1,375 an ounce, after hitting a fresh six-month high of $1,376. On Sunday there would be a secession referendum in Crimea as Russia looks to takeover the territory. This is likely to push gold prices even higher next week.

The metal is already up 13 percent so far this year.

On the MCX gold for March delivery was marginally down, thanks to a depreciation in the rupee. Gold on the MCX was last trading at Rs 30,545.

The precious metal is likely to head higher as tensions escalate between the West and Russia over Crimea. To compound worries, poor growth rates in China is also pushing investors to buy gold. Check gold rates here

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