Silver and gold were bolstered Wednesday by a flight to safe-haven assets ahead of Sunday’s referendum on the future of Crimea, the Ukrainian peninsula that’s been effectively occupied by Russia for weeks.
The referendum, set for Sunday, will ask the Crimean people if they want to join the Russian Federation or stay in Ukraine, and bank runs are already happening there. The standoff between the West and the Kremlin over Ukraine will most likely be the main driver of bullion prices at least until the end of the week, Reuters reported. Precious metals are also being used as a safe haven from the falling price of copper as well.
Indian silver saw the biggest upwards shift for the day, rising 2.5 percent Thursday. The price of US silver finished the market day up 2.1 percent per ounce. Chinese silver prices rose 1.7 percent. Japanese silver gained 0.3 percent.
US gold bullion finished the day up 1.3 percent. Chinese gold bullion increased 1.2 percent. The price of Japanese gold bullion increased 1 percent. Indian gold bullion saw its price rise 0.8 percent.
Japanese platinum bar prices saw a 0.7 percent decline. US platinum bar prices inched up 0.6 percent. Chinese platinum bar saw its price rise 0.3 percent.
The price of Chinese palladium bar gained 1.7 percent yesterday. The price of Japanese palladium bar declined 1.4 percent. Following a two-day drop, the price of US palladium bar increased by 0.8 percent.