Gold, oil prices rise as tensions build in Ukraine
NEW YORK (AP) — The price of gold rose to a four-month high Monday as tensions escalated over Russia sending troops into Ukraine.
Traders often consider gold a safer investment in times of political or financial turmoil.
Crude oil prices also rose sharply over worries that Russia’s oil exports could be disrupted if the situation gets worse and Western governments impose economic sanctions on Moscow.
The actively traded April contract for gold rose $28.70, or 2.2 percent, to $1,350.30 an ounce Monday, the highest price since October.
Most other metals also rose. Silver for March delivery increased 24 cents, or 1.2 percent, to $21.45 an ounce. April platinum rose $13.90, or 1 percent, to $1,460.70 an ounce and March palladium rose $5.95 to $749.80 an ounce.
Copper edged down 2 cents to $3.22 a pound.
Crude oil rose $2.33, or 2.3 percent, to $104.92 a barrel. Most other energy contracts also rose. Wholesale gasoline rose 4 cents, or 1.4 percent, to $3.02 a gallon and heating oil rose 6 cents, or 2.1 percent, to $3.08 a gallon.
Natural gas decreased 12 cents, or 2.5 percent, to $4.49 per 1,000 cubic feet.
Wheat futures, meanwhile, rose sharply. The May contract rose 29.25 cents, or 4.9 percent, to $6.315 a bushel. May corn increased 7 cents, or 1.5 percent, to $4.705 a bushel while May soybeans edged down 5 cents, or 0.3 percent, to $14.09 a bushel.