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Gold rises as escalating Ukraine crisis spurs safe-haven bids

Feb 23: Gold prices rose on Thursday towards a nine-month high hit earlier this week, as investors sought refuge in safe havens after Ukraine declared an emergency and the West imposed more sanctions on Russia for sending troops into eastern Ukraine.

FUNDAMENTALS

* Spot gold rose 0.3% to $1,912.40 per ounce by 0035 GMT, after having hit its highest since June 1 at $1,913.89 per ounce on Tuesday. U.S. gold futures climbed 0.2% to $1,913.20.

* Separatists in Ukraine asked for Russian help to repel “aggression” on Wednesday and Kyiv announced compulsory military service and a state of emergency as the West slapped more sanctions on Moscow in a bid to stop an all-out invasion.

* The United States on Wednesday imposed sanctions on the company in charge of building Russia’s Nord Stream 2 gas pipeline, expanding penalties on Moscow after it recognised two breakaway regions in eastern Ukraine.

* The rouble plunged more than 3% as the European Union blacklisted Russian lawmakers, freezing their assets and banning travel. Wall Street slipped on news of security measures taken by Ukraine’s government on Wednesday.

* Auto-catalyst metal palladium was little changed at $2,483.51, hovering close to a near six-month peak hit on Wednesday.

* Russia is the world’s third-largest producer of gold, while the country’s Nornickel is also a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes.

* Russia produced 2.6 million troy ounces of palladium last year, or 40% of global mine production, and 641,000 ounces of platinum, or about 10% of total mine production.

* Spot silver was up 0.1% at $24.55 per ounce, platinum rose 0.1% to $1,093.15.

DATA/EVENTS (GMT) 0030 Australia Capital Expenditure Q4 1330 US GDP 2nd Estimate Q4 1330 US Initial Jobless Clm Weekly 1500 US New Home Sales-Units Jan

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