Gold prices were seen trading lower on Tuesday after the news that Russia had halted its military and asked its troops to return back to base.
Gold futures for April delivery lost 0.78% to $1,339.80 an ounce on the Comex in New York at the time of writing. While futures for Silver declined 0.96% to $21.260 an ounce.
Gold – Ukraine Crises
On Monday, the crises between Ukraine and Russia escalated when the Russian President Vladimir Putin gave the Ukrainian troops the ultimatum to surrender.
Over the weekend, the Russian president said he had the right to raid his neighbor country Ukraine, to protect Russian citizens and interests in Ukraine.
The move was broadly condemned by western leaders, as the US Secretary of State John Kerry arrived Kiev on Monday and threatened Russia with visa bans, sanctions, trade restrictions and to remove Russia from the G8.
However, tensions in the markets were eased after the Russian President ordered troops that took part in a military exercises during the week to return to base, the Russian news agencies quoted the Kremlin spokesman’s speech on Tuesday.
The move stirred a wave of risk-aversion on the markets, with precious metals slowly rising, as gold futures rose 2.17% an ounce on Monday.
Hedge Funds
Hedge funds bullish bets were boosted by 25% to 113,911 contracts in the week ending February 25, the highest since December 2012, Commodity Futures Trading Commission reports revealed.
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