Gold prices sink as tensions ease over Ukraine

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Associated Press

Posted on March 18, 2014 at 3:00 PM

Updated Tuesday, Mar 18 at 3:02 PM

Gold prices are sliding on expectations that a dispute between Russia and Western countries will ease.

The actively traded April contract for gold fell $13.90, or 1 percent, to settle at $1,359 an ounce Tuesday.

Russian President Vladimir Putin told the Russian Parliament not to believe speculation that Russia will look to take over other areas of Ukraine.

On Sunday, a majority of voters in Ukraine's region of Crimea voted to break from that country and join Russia. The dispute had helped push the price of gold up this month as traders shifted money out of other markets.

Other metals also traded lower. Silver for delivery in May lost 41 cents, or 2 percent, to $20.86 an ounce.

In other trading, contracts for wheat, soybeans and corn climbed. Oil rose.

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