Market Insider

What could heat up gold prices this week

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Gold, up 10 percent already this year, is likely to push toward $1,400 an ounce, as investors seek safety, in a market that already sees fairly strong demand.

Russia's push into Crimea has sent investors into the metal, but a referendum Sunday on whether to secede from Ukraine and join Russia is likely to spark more uncertainty—and more buying.

"I don't think this market wants to be short ahead of the Ukraine referendum on March 16th. Yes all things Russia have been quiet the past few days, but it feels like the quiet before the storm and gold is gaining bids on the back of that," wrote Steve Scacalossi, director, head of sales, global metals with TD Securities.