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April 24, 2014 AT 10:37 AM
Gold prices jumped to session highs Thursday as U.S. equity markets and U.S. Treasury yields softened, with traders suggesting continued tensions in Ukraine as the spark for cross-market movement. Gold prices started the session weaker, falling through support at the 100-day moving average around $1,279.80. However, around 9:40 a.m., gold reversed its losses and shot higher. That’s also when stocks reversed and U.S. Treasury yields fell. Daniel Pavilonis, senior commodities broker with RJO Futures, said there’s talk that the bubbling tensions in Ukraine for the reason for the upswing in gold and the drop in equities and Treasurys.