Gold moved higher for the fifth straight session last Friday, making it a clean sweep for the yellow metal to the upside last week. Friday’s gains capped a solid week which saw gold rise 3% as the world awaits further developments in the ongoing Russian and Ukraine conflict, as well as the results from the Crimean referendum. Tensions remain high as the eastern European region decides which path to take, an ongoing alliance with Ukraine or opting for a pact with Russian President Putin to realign themselves with their former mother country.
Gold rose over $6.00 an ounce on Friday, closing on the COMEX at $1379.00, the highest closing price for gold in six months. Silver rose 22 cents on Friday to close at $21.41 per ounce, a solid week in an expected move in alignment with gold and well over a 2% gain for the week. Gold’s move coincided with a rough Thursday for stocks which showed the DJIA fall over 230 points, although the Dow did manage a small gain on Friday.
The world awaits as Crimea decides on its fate, to be formally annexed to Russia or to remain under the control of Ukraine. Further instability in the European region leaves the door open for even greater geopolitical concerns, and history has shown that such periods of time lend themselves to sharp rises in both gold and silver. With this situation unfolding and the Consumer Price Index data to be release on Tuesday, it should once again prove to be an interesting week for the precious metals.
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