Gold Climbs as Russia-Ukraine Crisis Intensified. Long-term Risks Remain to the Downside

The benchmark Comex gold contract climbed to as high as 1314.4, a level not seen since March 26, in European session as escalated tensions in Ukraine raised safe-haven demand. Concerning the outlook of the yellow metal, we believe the price rally in the first 2.5 months of this year was only a correction of the selloff started in 3Q13.

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Gold Climbs as Russia-Ukraine Crisis Intensified. Long-term Risks Remain to the Downside