Gold, oil prices rise as tensions build in Ukraine

AP News
Posted: Mar 03, 2014 4:05 PM

The price of gold is the highest it's been in four months as tensions escalate over Russia sending troops into Ukraine.

Traders often consider gold a safer investment in times of political or financial turmoil.

Crude oil prices also rose sharply over worries that Russia's oil exports could be disrupted if the situation gets worse and Western governments impose economic sanctions on Moscow.

The actively traded April contract for gold rose $28.70, or 2.2 percent, to $1,350.30 an ounce Monday, the highest price since October. Silver also rose.

Crude oil rose $2.33, or 2.3 percent, to $104.92 a barrel.

Wheat futures also rose sharply. The May contract rose 29.25 cents, or 4.9 percent, to $6.315 a bushel. Corn futures rose as well, while soybean futures edged lower.