Commodities News

Gold Up as Ukraine Crisis Deepens

By Gina Lee – Gold was up on Tuesday morning in Asia after Russia recognized two breakaway regions of eastern Ukraine and ordered troops into the regions.

Gold futures were up 0.62% to $1,911.45 by 10:43 PM ET (3:43 AM GMT). The dollar, which normally moves inversely to gold, edged up on Tuesday morning. Investors turn to safe-haven assets as Russia and Ukraine tension escalates.

Russian President Vladimir Putin recognized two breakaway regions of eastern Ukraine as independent on Monday, ordering the Russian Army to deploy troops into the area.

Trade and investment between U.S. individuals and the two breakaway regions are prohibited according to an executive order signed by U.S. President Joe Biden, the White House said.

The accelerating crisis has pushed oil to a seven-year high, while safe-havens rallied, and U.S. stock futures dived.

The benchmark 10-year Treasury yields fell as much as 5.5 basis points over the Ukraine crisis and U.S. Federal Reserve interest rate hikes bets.

Federal Reserve Governor Michelle Bowman said on Monday she will look at the economic data over the next three weeks to determine whether it is necessary to raise the interest rate by a half percentage point at the central bank’s next meeting in March.

In other precious metals, silver was up 0.4%, while platinum rose 0.5% and palladium gained 0.5%.

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