According to recent market data, on Tuesday, March 11th, the gold price went up by $5.20 or 0,4% – to $1346.70 per troy oz. (Comex, NYC) in light of the latest news from China and Ukraine.
On Tuesday the Crimean High Council approved a declaration of independence from the Ukraine and made clear their intent to join the Russian Federation. The declaration was supported by 78 out of 100 members of the Council. It is predicted that during the March 16th public referendum on the matter, some 74% of the Crimean population will vote in favor of joining Russia.
The situation in Ukraine combined with fears about the economies of China and the US, and uncertainties about the upcoming elections in India have worked in favor of the demand for gold as a reliable commodity. This is according to Fawad Razaqzada – a Forex.com technical analyst.
Macrostatistics published in China over the weekend showed new indications of a reducing rate of economic growth in the country. The volume of export has shrunk by 18,1% over the past year – to $114,1 billion. Overall, the foreign trading turnover in February 2014 was $251,2 billion, having shrunk by 4,8% compared to February 2013.