Why gold remains strong: Latest on Ukraine and Yemen

17 Mar

Gold remains in high demand as a safe-haven asset, currently trading at $2,998.7 per ounce.

Why the need for a haven? Here’s an update:

A ceasefire in Ukraine hinges on some unpalatable conditions. Donald Trump has announced plans to speak with Vladimir Putin on Tuesday, saying that land and power plants are part of the negotiations. Reports suggest his administration is considering recognising Crimea as Russian territory and may push for UN recognition.

In the Middle East, the U.S. carried out military strikes over the weekend on Houthi-controlled areas in Yemen. The strikes came after the group threatened to resume attacks on Red Sea shipping.

Trump has declared that Iran will be held directly responsible for “for every shot fired” by the Tehran-backed Houthi rebels. In response, the Houthis vowed to “respond to escalation with escalation.”.

18 Mar

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Israel has now also resumed its military operations in Gaza. Israeli airstrikes, the heaviest since January’s ceasefire, have targeted Hamas positions and said to have killed at least 44 people.

Israeli Prime Minister Benjamin Netanyahu said that he ordered the strikes due to a lack of progress with hostage releases.