Gains of more than 1% gold in the shadow of the Ukrainian crisis

Gold gained more than 1% on Thursday amid reports of heavy artillery fire in eastern Ukraine and following reports by European and American officials that they have not seen evidence of Russian military units withdrawing from the Ukrainian border, as Moscow claims.

The gold spot climbed 1.2% to $ 1,890.95 per ounce, while earlier it climbed to the highest level since June 11 at $ 1,892.91, according to Reuters. US futures also gained 1.2% to $ 1,893.60.

“Gold is gaining momentum from a resurgence of tensions in Eastern Europe. Palladium is likely to follow suit, although its movement is driven by supply concerns, while gold benefits from its ‘safe haven’ character.” , says UBS analyst Giovanni Staunovo, as reported by Reuters.

Palladium jumped 2.3% to $ 2,332.30. The silver spot gained 1% to 23.78 per ounce, while platinum climbed 1.7% to a three-month high of $ 1,079.28.