Gold Futures Climb as Violence in Ukraine Continues to Escalate

Bloomberg Business Week reports that gold futures are predicted to climb even higher as the conflict between Ukraine and rebel forces intensifies.

Recently released satellite photos by the United States indicate that Russia has been firing missiles from their side of the border into Ukraine.

Europe is still debating over increasing trade sanctions against Russia.

This, combined with the rising casualties and continued violence in Gaza has led many individual investors to feel uneasy.

Gold futures for December delivery increased 0.1 percent to $1,306.40 per ounce. Platinum and palladium futures also showed gains for September delivery.

Bart Melek of TD Securities told Bloomberg Business Week that "All that news about violence and talks of further sanctions is keeping gold supported."

A report issued by Commerzbank AG echoed what many analysts have said in recent months that "gold is clearly in greater demand again as a safe haven."

But it is not only individual investors that are seeking refuge in gold. IMF reports show that in June, a number of central banks around the world (notably those belonging to several eastern-bloc countries) increased their gold reserves. Russia, Turkey, Mexico, Ecuador, Greece, Serbia, Kazakhstan, Kyrgyzstan, and Tajikistan all upped their gold stores.