Stocks Tumble, Supply Concerns See Food, Energy and Precious Metals Rise
Gold gained more than 1.4% today on escalating geopolitical tensions. Ukraine mobilized for war after Russia bloodlessly seized Crimea, in what some are seeing as the most serious geopolitical crisis since the end of the Cold War.
The dollar was mixed and saw losses against the yen and Australian dollar but gains against the euro and the pound both of which came under pressure.
Stocks in Europe and Asia tumbled with U.S. equity-index futures and emerging currencies while gold, silver and Treasuries gained. The Standard & Poor’s 500 Index futures fell the most in a month and the FTSE, CAC and DAX were all down by between 1.2% and 2.3%.
The G7 industrialized nations condemned Russia’s intrusion into Ukraine and cancelled preparations for the G8 summit, that includes Russia, scheduled for Sochi in June, the White House said.
Gold rose to an intraday high around $1,345 an ounce. The United States is threatening to isolate Russia economically in what is the biggest confrontation between Russia and the West since the Cold War.
Premiums for gold bars in Singapore were unchanged from last week at 80 cents an ounce over the spot London prices.