Battle Between Ukraine and Russia Affect Precious Metals

By: AP Email
By: AP Email

Associated Press - Rising tensions between Russia and Ukraine are pushing up prices for gold, platinum and palladium.

U.S. officials said Friday that Russian fighter jets had flown into Ukrainian airspace several times over the last 24 hours. At the United Nations, Ukraine's deputy foreign minister told reporters that he fears a Russian invasion is imminent.

Gold for June delivery rose $10.20 to $1,300.80 an ounce. Traders often shift money into gold in anticipation of a crisis.

Palladium for June surged $8.90, or 1 percent, to $811.20 an ounce. Platinum for July climbed $14.70 to $1,424.30 an ounce.

The threat of sanctions against Russia, one of the world's top producers of both palladium and platinum, has started to drive up prices for the metals.

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