Tensions in Ukraine Prompt Safe Haven Buying, Gold Climbs to $1,311.50

Gold rose 0.9 percent or $11.80 to $1,311.50 per ounce on Monday, according to Reuters. Earlier in the trading day, the metal hit its highest price since April 15. Though London markets are closed for the May Day holiday, other traders are investing in gold as a hedge against potential political trouble as Ukraine tensions continue.

“Gold is trading near the highest in three weeks as Ukraine once again attracts some safe-haven demand and the dollar continues to trade on the weak side,” Saxo Bank head of research Ole Hansen told Reuters.

U.S. gold futures for June delivery were up $8.80 an ounce to trade at $1,311.70, Reuters reported.