Silver rises amid increased hostilities in the Ukraine

Silver for immediate delivery rose 1 percent to $21.0209 an ounce, after reaching $20.6142 yesterday, the lowest since Feb. 14. Platinum added 0.3 percent to $1,481.63 an ounce. Palladium rose 0.3 percent to $777.75 an ounce. It touched $783.54 on March 7, the highest since April 1.

Ukraine’s armed forces are testing the combat readiness of troops, the Defense Ministry said yesterday on its website, reiterating the government’s desire for a peaceful end to the standoff in the former Soviet republic’s eastern provinces. Russia, which has vowed to defend the ethnic Russians who dominate Crimea after an uprising in Kiev, accused Ukraine of ignoring radicals in the nation’s east.

Leaders in the U.S. and Europe threatened Russia, the biggest miner of palladium, with sanctions for sending troops into Ukraine’s Crimea region. More than 70,000 members of the Association of Mineworkers and Construction Union have been on strike since Jan. 23 in South Africa, the largest producer of platinum and second-biggest for palladium.

Source: Bloomberg