Gold prices rise amid turmoil in Ukraine

New York (July 27)  Gold prices settled higher Friday as unrest in Ukraine and the Middle East draws traders into their hiding spots.

Gold for August delivery rose $12.50, or 1 percent, to settle at $1,303.30 an ounce. Silver for September added 22 cents, or 1.1 percent, to $20.64 an ounce.

The U.S. Defense Department said Friday that Russia was about to move heavy artillery into the hands of separatists in Ukraine. The day before, the Obama administration accused Russia of firing artillery at Ukraine's military.

Traders often shift money into gold in turbulent times. In March, gold prices reached a high point for the year as the territorial dispute between Russia and Ukraine grew tense.

Industrial metals were mixed in Friday trading. Copper for September sank 3 cents to $3.24 a pound. Platinum for October rose $4.90 to $1,478.60 an ounce, while palladium for September advanced $8.85 to $879.80 an ounce.

In other trading, wheat rose 9 cents to $5.38 a bushel. Corn rose 2 cents to $3.72 a bushel, and soybeans slipped a penny to $10.84 a bushel.

Crude oil picked up 2 cents to end at $102.09 a barrel on the New York Mercantile Exchange.

Source:  YahooNews