Gold prices dropped from its sixteen-week week high on Tuesday while the crisis in Ukraine continues to weigh on the metal, slowing bullion demand at higher prices.
Gold for immediate delivery declined 0.1% to $1,335.83 an ounce at the time of writing. The precious metal climbed to its highest since October 31, reaching $1,340.04 earlier today. Gold for April delivery lost 0.2% to $1,335.90 on the Comex in New York.
Silver dropped by 1.23% trading at $21.780 an ounce at the time of writing.
Gold – Ukraine Turmoil
In Ukraine, the Interior Ministry requests for a criminal case against the former President of Ukraine, Viktor Yanukovych for the mass murder of civilians during the previous week’s protest, which left over 100 people dead.
This comes after videos of police shooting protestors broadcasted through social media.
Meanwhile, financial leaders from Europe and the US have started to push for financial assistance for Ukraine, while the parliament voted out the former President Viktor Yanukovych.
ETP Holdings
Holdings in gold-backed exchange-traded fund climbed for a third day on Monday, rising by 1 metric ton to 1,740.2 tons. Assets dropped to its lowest since October 2009, last week.
Consumer Confidence
Meanwhile in the US, the Conference Board (CB) consumer confidence index is expected to be released later in the day.
Market analysts are expecting to see a decline in the Conference Board (CB) headline figures, with a decline of 80.0, compared to the previous reading of 80.7 seen in January.
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