Investing.com - Gold prices traded lower on Monday after Crimea
voted to join Russia and leave Ukraine on Sunday with no widespread
violence, while sanctions slapped on Russia by the West were viewed
as less intense than expected, which sent the yellow metal
Gold has served as a safe haven of choice during the Ukraine
On the Comex division of the New York Mercantile Exchange, gold
futures for April delivery traded at $1,366.90 a troy ounce during
U.S. trading, down 0.88%, up from a session low of $1,362.50 and
off a high of $1,392.50.
The April contract settled up 0.48% at $1,379.00 on Friday.
Futures were likely to find support at $1,328.20 a troy ounce,
the low from March 10, and resistance at $1,393.80, the high from
Investors continued to monitor events in Europe, after over 90%
of Crimean voters on Sunday chose to break with Ukraine and join
Russia. Crimea's Parliament on Monday formally asked to join the
Sanctions followed as expected.
European Union foreign ministers imposed travel bans and asset
freezes on 21 people they have linked to the push to have Crimea
secede from Ukraine and be annexed by Russia. U.S. President Barack
Obama also imposed sanctions on several Russian officials involved
in the incursion of Crimea, which included freezing assets in the
Still, markets were expecting more widespread action from the
West, and the response enticed investors away from safe-haven gold
Investors also took hit-or-miss U.S. economic indicators in
Data revealed earlier that U.S. industrial production rose 0.6%
in February, exceeding expectations for a 0.1% gain. Industrial
production in January was revised to a 0.2% fall from a previously
estimated 0.3% decline.
In a separate report, the Federal Reserve Bank of New York said
its Empire State manufacturing index ticked up to 5.6 this month
from 4.5 in February, missing expectations for a rise to 6.0.
Meanwhile, silver for May delivery was down 0.90% at US$21.220 a
troy ounce, while copper futures for May delivery were up 0.08% at
US$2.953 a pound.
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