Gold Rises to $1,343.64 on Ukraine Turmoil

This morning, gold gained more than 1 percent, or $17.85, to trade at $1,343.64 an ounce, according to Reuters. Meanwhile, gold futures for April delivery rose 1.73 percent, or $22.90, to hit $1,344.50 per ounce.

The metal’s gain came on the back of escalating geopolitical tensions caused by Ukraine preparing for war after Russia’s seizure of Crimea. The Group of Seven has condemned Russia’s action and canceled preparations for the G8 summit that had been scheduled to take place at Sochi in June, the news outlet notes.

“Needless to say, if the situation is not defused, it has the potential to spark wider economic turmoil through higher oil and gas prices, trade sanctions and a general ratcheting up of global tensions that could endanger the fragile global economic recovery,” Edward Meir, an analyst at INTL FCStone (NASDAQ:INTL), told Reuters. “All this means that gold will likely do better over the short term, propped up by both the geopolitical tensions, coupled with the increased odds that the economic recovery may now look slightly more precarious.”