Gold jumps more than 1% on crisis in Ukraine

Gold gained more than 1 percent on Monday on escalating geopolitical tensions as Ukraine mobilised for war after Russia bloodlessly seized Crimea, an isolated Black Sea peninsula where Moscow has a naval base. The Group of Seven major industrialised nations condemned Russia’s intrusion into Ukraine and cancelled preparations for the G8 summit, that includes Russia, scheduled for Sochi in June, the White House said. Cash and US gold futures hit an intraday high around USD 1,345 an ounce, with the United States threatening to isolate Russia economically in Moscow’s biggest confrontation with the West since the Cold War. Crude oil, which often dictates gold, hit multi-month highs.