Gold Hits 21-Month High Amid Ukraine Turmoil

Reuters

Gold eases off 9-month peak as investors eye Ukraine developments

Gold prices hit its highest in nearly nine months on Tuesday before pulling back as investors waiting for more developments in the Ukraine crisis repositioned near the pivotal $1,900 an ounce mark. Wall Street’s main indexes slumped as the prospect of harsh Western sanctions against Russia over its conflict with Ukraine kept investors on edge, while oil prices hit their highest level since 2014. “It’s not surprising to see gold well supported in this environment given its traditional safe-haven play,” said David Meger, director of metals trading at High Ridge Futures.