Gold Increases to $1,299.51 an Ounce on Ongoing Tensions Over Ukraine

Spot gold rose 0.8 percent to $1,299.51 an ounce Monday, according to Reuters. Ongoing tensions in the Ukraine are helping to raise the price of gold, as there is uncertainty as to whether the country will fall into civil war or whether Russia will invade. As it stands, the pro-Russian rebels have won a recent referendum that was to decide whether the Donetsk and Luhansk regions will secede from Ukraine.

The Wall Street Journal reports Russia is in favor of the secession, but so far the European Union is calling the vote a “farce,” due to political influence from Russian spies.

Gold futures for June were up $12 an ounce to trade at $1,299.60 on the U.S. Comex.