Gold Rises to $1,308.60 on an Ounce Ukraine Tension, Fed Expectations

Thus far today gold has risen 0.1 percent, or $1.31, to $1,308.60 per ounce, according to Reuters. Meanwhile, US gold futures for June delivery are up $0.20, at $1,308.80 per ounce.

“Ukraine is keeping a bit of upside pressure on gold,” Sharps Pixley Chief Executive Ross Norman told Reuters. “There are a lot of different drivers for gold out there. The dollar is normally looked on as the main one, but geopolitical tensions can trump that, and that seems to be what’s happening here.”

Later in the day, the dollar may have more of an impact. US Federal Reserve Chair Janet Yellen is set to testify before Congress, and her comments may drive the dollar down, thereby increasing gold prices.