Gold Falls on Weak Russia Sanctions

by Christopher Freeburn | March 17, 2014 4:34 pm

Gold Silver GLD IAU SLV[1]Gold slipped modestly in Monday trading after U.S. and European leaders imposed relatively minimal sanctions on Russian leaders in the wake of Crimea’s vote to secede from Ukraine. U.S. equities markets moved higher during the day.

Sunday’s referendum in Crimea was greeted with cheers from Pro-Russian demonstrators in the region and with praise from Moscow. Western leaders called the referendum illegitimate, but the sanctions imposed on Monday were not expected to have a broad effect on trade with Russia. The absence of significant sanctions and no major outbreak of violence in Crimea trimmed gold’s safe haven appeal.

Gold futures for April delivery sank 0.4% to $1,372.90 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,392.60 and as low as $1,370. Bullion closed in London at $1,369, according to BullionVault[3].

Silver futures for May delivery dropped 0.6% to $21.28 per ounce. Monday’s high for silver was $21.65, while the low was $21.20.

Metal funds declined on Monday.

Mining ETFs sank during the day.

Gold stocks retreated on Monday.

Silver mining shares pulled back 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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