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Ukraine-Russia Tension Brings Gold, Silver & Crude Oil Higher

April 24, 2014 at 23:31 by Vladimir Vyun

Growing tensions between Russia and Ukraine propelled gold and silver higher today. Crude oil gained too on concerns about potential supply disruptions.

Ukraine is attempting to quell unrest with military forces. Russia warned its neighbor against using force to battle protesters. There are rumors that Russian troops are amassing near the border with Ukraine.

The geopolitical tensions fuel demand for safety, increasing the appeal of precious metals as a result. The conflict may also disrupt supply of oil from Russia, and prices are rising due to the risk premium.

June futures for delivery of gold rose $9.00 (0.70 percent) to $1,293.60 per troy ounce as of 23:26 GMT on COMEX today. July contract for silver gained as much as $0.26 (1.35 percent) to $19.70 per ounce. June WTI crude oil added $0.38 (0.37 percent) to $101.82 per barrel on NYMEX, while Brent crude went up $1.22 (1.12 percent) to $110.33 per barrel on ICE.

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