The price of gold declines a second consecutive session on a stronger dollar due to political instability in the Crimea and the West's reaction .

Today in Parliament , Russian President Vladimir Putin said that now Sevastopol and Crimea are part of Russia , and the sanctions imposed by the EU and the U.S. , is an act of aggression , which will entail retaliatory measures. Moscow assured that an agreement to join the Crimea to Russia will be signed in the coming days .

Following comments by Putin acting president Alexander Turchinov reiterated that Kiev does not recognize Russia as part of the peninsula .

Meanwhile, French Foreign Minister L. Fabius wrote in his twitter account that the leaders of the G8 decided to exclude Russia from the block, adding that " all the other countries in the face of Seven leading nations will unite in its course of action is not Russia."

Later this message denied German Chancellor Angela Merkel, who said that at the moment the status of Russia in the G8 remains the same.

U.S. President Barack Obama has invited the leaders of the G7 and EU officials for talks on Ukraine next week.

The cost of the April gold futures on the COMEX today dropped to $ 1351.10 per ounce.