Today in New York the yellow precious metal saw its safe haven appeal boosted while that the demand on crude was triggered as well as Ukraine tension escalated after Russia vowed to act firmly if its interest in Ukraine came under attack.
Turmoil in the crisis-hit Ukraine remains evident as President Barack Obama said today that new sanction targeting Russia are "teed up" in the wake of fresh warning by the Russian foreign minister that attacks on Russian citizens of interests in Ukraine would bring a firm response.
Russia is the top gas exporter to Europe and further escalation in the crisis or increased economic sanctions would definitely hurt supplies.
Plus Russia President Vladimir Putin warned Ukraine against continuing its anti-separatist offensive after government troops killed five rebels and prompted Russia’s military to begin new drills on the two nations’ border.
Not forgetting that this week’s EIA report showed that the U.S commercial crude oil inventories increased by 3.5 million barrels from the previous week. At 397.7 million barrels while that the total motor gasoline inventories decreased by 0.3 million barrels last week.
Plus finished gasoline inventories increased while blending components inventories both decreased last week and distillate fuel inventories increased by 0.6 million barrels last week and are near the lower limit of the average range for the time of the year.
Accordingly the gold is so far trading around $1290.85 an ounce recording a high of $1298.80 an ounce and a low of $1268.65 an ounce and crude is trading around $101.90 a barrel recording a high of $102.32 a barrel and a low of $101.40 a barrel.