Gold Drops on Easing Ukraine Tensions

by Christopher Freeburn | March 18, 2014 4:36 pm

Gold Silver GLD IAU SLV[1]Gold fell for a second consecutive session on Tuesday as Russia’s absorption of Crimea appeared to be a fiat accompli, resulting in only a mild response from Western nations.

Speaking at the Kremlin, Russian Federation President Vladimir Putin hailed Sunday’s referendum in which Crimea voted to secede from Ukraine, but said that Russia would respect the territorial sovereignty of the remaining regions of Ukraine. Yesterday, the U.S. and European Union slapped Russia with sanctions targeted at specific officials, which were not expected to damage trade.

Gold futures for April delivery dropped 1% to $1,359 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,367.90 and as low as $1,351.10. Bullion closed in London at $1,359, according to BullionVault[3].

Silver futures for May delivery sank 1.9% to $20.86 per ounce. Tuesday’s high for silver was $21.25, while the low was $20.63.

Metal funds faded on Tuesday.

Mining ETFs declined during the day.

Gold stocks pulled back on Tuesday.

Silver mining shares mostly climbed during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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