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Reports broke earlier in the session that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.
U.S. Secretary of State John Kerry said Sunday that there was overwhelming evidence of Russian complicity in the downing of the airliner. Russia and Ukraine still accuse each other of being behind the downed passenger plane.
Western leaders from the U.K., France and Germany have warned Russian President Vladimir Putin of increased sanctions by Tuesday if international investigators are not allowed full access to the crash site.
Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.
The Palestinian Health Ministry said Monday that the Palestinian death toll in the two-week-old offensive rose by more than 80 during the night and now exceeds 500.
Despite heavy casualties, Israeli Prime Minister Benjamin Netanyahu warned on Sunday that military operations against Hamas militants could be expanded.
Gold is up 9.4 percent for the year, touching a 16-week high of $1,346.80 an ounce on July 10, amid escalating turmoil in Ukraine and the Middle East.
“Escalation of sanctions on Russia and more geopolitical problems in Gaza are keeping gold supported,” George Gero, a vice president and precious-metals strategist at RBC Capital Markets in New York told Bloomberg. “There are enough fundamentals to keep prices over $1,300 for some time.”
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Market News Archive
This week on The Vault: Brian reviews gold's arguably lackluster response to this week's market drivers and warns investors against becoming overly apathetic in their approach to their retirement portfolio. Plus, Mike Getlin, CEO of Merit Gold joins Brian t...watch more
Gold Standard with Brian Baker
Brian recaps Monday's gold market and shares an op-ed piece from King World News, which explains why the next financial crisis will be infinitely worse than 2008.watch more
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