Gold and Crude Oil Set Fresh 2014 Highs On Turmoil In The Ukraine.

With a light economic docket over the session ahead, geopolitical tensions and emerging markets concerns are likely to offer the greatest influence on the precious metals and energy commodities.

Gold and WTI Breakout on Ukrainian Tensions

Mounting tensions between Russia and the Ukraine have sparked broad-based risk aversion in the market as traders retreat out of equities and move towards gold as an alternative store of wealth. The prospect of an escalation towards conflict has also bolstered demand for crude oil on concerns of supply disruptions from Russia, who supplies roughly one third of Western Europe’s oil imports according to Eurostat.

Continued Turmoil Likely to Spark Surge in Volatility

Investor sentiment remains fragile to negative developments regarding the Ukrainian situation which appears to be overshadowing the release of positive economic data for the time-being. The market largely shrugged off a better-than-anticipated manufacturing reading out of the US overnight that provided a bullish signal for future economic growth in the world’s largest economy.

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