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Gold rose to its highest price in six months today as shares worldwide fell on tensions between Russia and Ukraine and Chinese growth concerns.
Specifically, the yellow metal rose 1 percent, or $13.84, to hit $1,384.20 an ounce. It is up 14 percent so far this year. Meanwhile, US gold futures rose 0.9 percent, or $12.46, to $1,384.90.
“Probably the Ukraine situation has triggered some safe-haven buying,” Tom Kendall, head of precious metals research at Credit Suisse (NYSE:CS), told the news outlet. “My sense is that this move in gold is driven by investment flows out of North America and Europe (shares) … and sellers have backed away as prices have strengthened.”
Likewise, silver is up 2.1 percent, or $0.45, to $21.58 an ounce, as per Reuters.
In a change of pace from its performance earlier this week, copper for delivery in three months on the London Metal Exchange made some positive strides on Friday, climbing 1 percent, or $64.80, to $6,480 a tonne, according to Bloomberg.
Similarly, copper for May delivery on New York’s COMEX gained 1 percent, or $0.03, hitting $2.953 a pound.
“The recent selloff looks overdone, in our view, since micro trends have likely bottomed,” Gayle Berry, an analyst at Barclays (NYSE:BCS), said of copper in a report put out today. “We think risk/reward of buying copper at these lows is attractive.”
Brent crude oil is also up, having risen $1 to reach $108.39 a barrel, Reuters said.
“Poor economic data from China and the referendum (on joining Russia) in the Crimea on Sunday are ensuring continued high levels of risk aversion on the markets,” Carsten Fritsch, senior oil analyst at Commerzbank, explained to the publication.
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