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Gold price flat after Ukraine elections

27th May 2014

The gold price was more or less flat during Monday’s trading as markets in both the US and UK were closed for public holidays.

Apart from a very brief spike to around $1,308 an ounce around lunchtime in the US, the precious metal remained in a very narrow range just above $1,290 an ounce yesterday, contrary to some thin volume days where a few bets in one direction or the other can cause the price to rapidly flip until normal order is restored.

When investors come back into work today, they’ll find that pro-western billionaire Petro Poroshenko has won a Ukrainian election that Russian president Vladimir Putin has vowed to abide by. Despite Mr Poroshenko’s leanings towards Europe, he’s also pledged to maintain ties with Moscow, which could cool tensions and diminish safe haven need.

However, gold trading experts will have to consider the military action taken by Ukraine on Monday as it sought to regain control of Donetsk airport from pro-Russian rebels, and how it will affect relations between the two countries. At 0700 GMT, the gold price sat at $1,284 an ounce.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% 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.