Gold climbs higher as tensions rise over Crimea

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Associated Press

Posted on March 14, 2014 at 4:00 PM

Updated Friday, Mar 14 at 4:02 PM

Gold is closing at its highest price this year as concerns mount over Russia and Ukraine.

Gold for April delivery rose $6.60, or 0.5 percent, to settle at $1,379 an ounce Friday.

A referendum will be held Sunday in Ukraine's region of Crimea, where residents will vote on whether to split from Ukraine to join Russia. If Crimea secedes, the U.S. and European Union could slap sanctions on Russian officials and businesses as early as Monday.

The dispute has helped push the price of gold up 4.6 percent this month. Traders tend to shift money into gold during turbulent times.

Silver for May rose 21.5 cents, or 1 percent, to $21.41 an ounce. Copper edged up 2.75 cents, or 0.9 percent, to $2.95 per pound.

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