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Gold soars to 6-month high

12th March 2014

Gold prices have advanced to a six-month high in commodities markets today (March 12th), with demand for safe haven assets strong amid ongoing concerns over the geopolitical tensions in Ukraine.

The country's interim prime minister Arseniy Yatsenyuk is set to meet with US president Barack Obama today in an effort to resolve the crisis.

Yesterday, it was reported pro-Russian forces have marched into the Crimean region, while Mr Yatsenyuk is believed to have formed a volunteer national guard.

Forthcoming US data will also be closely monitored, with optimism regarding the world's largest economy renewed after the February non-farm payrolls report showed US employers added 175,000 new jobs last month, beating expectations for a 149,000 gain.

This eased fears over the country's recovery, which had been exacerbated after the previous two employment reports revealed far fewer new roles were added than anticipated in December and January.

On the Comex division of the New York Mercantile Exchange, gold for April delivery advanced to $1,363.20 per ounce - the highest since September 20th.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.