Intensifying strife between Russia and Ukraine prompted gold futures to surge in value on Monday as the yellowish metal drove to its top value in nearly 21 days as the trade week began, according to Bloomberg.
Ukraine security services worked to remove rebels from the eastern region of the nation as concerns spread about growing tension. Interior Minister Arsen Avakov with Ukraine said the nation re-claimed possession of as television tower. Thus far this year, the precious metal has climbed about 9.2 percent.
"There doesn't seem to be any sort of resolution on the horizon," founder and senior resource analyst Gavin Wendt with Mine Life Pty in Sydney told the news source on Monday. "Whenever you have these incidents or periods of uncertainty, particularly as they relate to Europe, it's going to be positive for the gold price."
At 8:33 a.m. on Monday, gold futures increased 0.87 percent, an $11.40 lift to $1,312.30 per troy ounce.
Reuters reports some investors and analysts are increasingly concerned about gold's capacities to retain its gains, particularly after bullion last year endured its first year of annual losses since 2000.
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