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Uncertainty in Ukraine fuels the price of gold and palladium higher

by , 15 April 2014

Over the weekend, mounting tensions between Russia and Ukraine continued to dominate the news. By the time the markets opened yesterday morning, the yellow metal was itching to start climbing. As investors get worried over what's going to happen in Ukraine, they're turning to the safe haven status of gold. But gold isn't the only metal rising as a result of what's happening in Ukraine. Let's take a closer look at what's going on…

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Gold hits a three-week high

The price of gold rose to its highest level in three weeks yesterday, reports BDLive. Investors are looking for safety and this is “boosting bullion’s appeal as an insurance asset”.

With the future very uncertain as to what’s going to develop in Ukraine, “gold will likely benefit,” reports MineWeb. And this is despite factors that are playing against the price of gold. This includes a “slowdown in Chinese gold withdrawals from the Shanghai Gold Exchange over the past month”.

An analyst at ABM Amro, Georgette Boele, says gold is also likely to benefit from the US keeping interest rates “low for a prolonged period,” adds BDLive. She says this is a “dominant driver” in the price of gold.

And gold isn’t the only metal benefitting from tensions in Ukraine.

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Palladium climbs to a level not seen in three years

Yesterday, the price of “palladium futures rose to the highest since 2011,” says Bloomberg. The palladium price is gaining momentum as investors worry that “sanctions will restrict supply from Russia”. Russia is the biggest producer of palladium.

Adding to palladium’s price rise is the continuing strike in the platinum sector here in SA, notes BDLive. SA is the world’s second biggest producer of palladium.

Palladium has already risen 13% so far this year, notes Bloomberg. Citigroup says that the addition of two new palladium-backed exchange traded funds in SA also “signals further tightness”.

At time of writing, gold was trading at $1,326.71 and palladium was trading at $811.

As long as the Ukrainian crisis continues, gold and palladium look likely to benefit.

Uncertainty in Ukraine fuels the price of gold and palladium higher
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