Investing.com - Gold prices shot up on Wednesday as the Russian standoff in Ukraine escalated and bolstered gold''s appeal as a safe-haven during times of crisis.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,368.00 a troy ounce during U.S. trading, up 1.58%, up from a session low of $1,345.70 and off a high of $1,371.20.
The April contract settled up 0.39% at $1,346.70 on Tuesday.
Futures were likely to find support at $1,328.20 a troy ounce, Monday''s low, and resistance at $1,375.10, the high from Sept. 19.
Ongoing geopolitical tensions in Ukraine bolstered gold''s appeal as a hedge on Wednesday.
Leaders of the Group of Seven largest industrial nations warned Russia on Wednesday not to annex Crimea.
In a joint statement, the leaders said Russian annexation of Crimea "could have grave implications for the legal order that protects the unity and sovereignty of all states."
Should Russia take the step, the G-7 said it would respond with further action "individually and collectively."
Ukraine’s interim Prime Minister Arseniy Yatsenyuk will meet with U.S. President Barack Obama later in the day, as diplomatic efforts to resolve the crisis continued.
Still, uncertainty as to how policymakers on all sides will navigate their way out of the crisis fueled safe-haven demand for the yellow metal
Meanwhile, silver for May delivery was up 2.31% at US$21.295 a troy ounce, while copper futures for May delivery were up 0.33% at US$2.962 a pound.
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